Bitcoin consolidated recent losses on March 4, as cryptocurrency markets marginally stabilized from Friday’s selloff. Prices fell to a two-week low in yesterday’s session, however sentiment has changed a bit. Ethereum also rallied, turning back to the green to start the weekend.
Bitcoin
bitcoin (BTC) consolidated Friday’s losses to kick off the weekend as market volatility eased in today’s session.
After yesterday’s low of $22,213.24, BTC/USD rose to an intraday high of $22,444.19 earlier in the day.
The move sends Bitcoin back above a long-term support point at $22,300, following the breakout on Friday.
Furthermore, the 14-day RSI also appears to have found a bottom, which has helped ease the dip in price strength.
At the time of writing, the index is at 42.89, which is slightly above the support point at 42.00.
One area of concern for would-be bulls is the impending crossover of the 10-day (red) and 25-day (blue) moving averages, which could be a sign of further declines.
Ethereal
In addition to BTCethereal (ETH) also settled on Saturday as the bearish momentum faded a bit.
ETH/USD reached a high of $1,575.87 in today’s session, less than 24 hours after trading as low as $1,552.45.
As a result of this rally, the world’s second largest cryptocurrency rose again above a price floor of $1,560.
However, this could be temporary, with the 10-day moving average (red) on the brink of a downside crossover with its 25-day counterpart (blue).
The RSI is now at 45.21, which is relatively higher than yesterday’s low at 44.51, and comes as the bulls rejected a break of the 44.00 floor.
If price strength moves from this support point, and closer to a resistance level at 48.00, there is a strong possibility that ETH it will be above $1,600.
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Could cryptocurrency markets move further into the green this weekend? Leave your thoughts in the comments below.
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