Bitcoin moved close to a break below $27,000 on Saturday as markets moved lower after a volatile week of trading. Market uncertainty was high this week as traders digested the latest Federal Reserve rate hike as well as the ongoing global banking crisis. Ethereum is holding below $1,800 at the time of writing.
Bitcoin
bitcoin (BTC) began the weekend by consolidating below the $28,000 mark, as market volatility eased on Saturday.
After a high of $28,208.21 on Friday, BTC/USD moved to an intraday low of $27,039.27 today.
As a result of the move, bitcoin hit a floor at the $27,050 level, however, the bulls have so far rejected a break below this point.
Looking at the chart, today’s sell-off took place as the RSI fell below a bottom of its own, at the 65.00 mark.
As of this writing, the index is now at the 62.75 level, with the next visible point of support at the 60.00 mark.
In general, BTC it has recovered from previous lows and is trading at $27,475.15 at the time of writing.
Ethereal
ethereal (ETH) was also lower to start the weekend, as prices continued to slide from a recent seven-month high.
ETH/USD fell to a low of $1,730.35 in today’s session, which comes a day after hitting a high of $1,791.14.
The move pushed Ethereum to its long-term floor at $1,730, with buys opting to buy the dip at the point.
This recent drop in price has pushed ethereum’s RSI to its lowest point in two weeks, with a current reading of 55.39.
Momentum remains marginally bullish as seen by the 10-day (red) moving average, however if prices move below $1,730 that could change.
Sign up your email here to receive weekly price analysis updates in your inbox:
Could Ethereum Drop Below $1,700 This Weekend? Leave your thoughts in the comments below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
