Bitcoin started the weekend hovering around $23,000 as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell 0.2% last month, despite general consumer confidence rising. Ethereum held close to $1,600 to start the day.
Bitcoin
bitcoin (BTC) remained near the $23,000 level on Saturday, as markets continued to react to the US personal consumption data on Friday.
After a high of $23,417.72 on Friday night, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This came as Bitcoin once again failed to break out of a key resistance level at $23,500, prompting a resurgence in bearish sentiment.
Adding to this, the 14-day RSI has dipped below the 80.00 mark and looks set to head for a bottom at 76.00.
If the momentum continues in the downside, it is likely that BTC it will hit a floor at $22,400.
Currently, the index stands at 78.59, with BTC/USD trading at $22,930.60.
Ethereal
After a brief period breaking above $1,600 again late on Friday, ethereum (ETH) started the weekend once again below this level.
ETH/USD fell to a low of $1,568.69 on Saturday, less than a day after hitting a high of $1,617.00.
Volatility in ethereum has increased in recent days, following a failed attempt to break out of the $1,645 level earlier this week.
After weeks of overbought, the price strength has started to wane, with the 14-day RSI now trailing below its floor at 63.00.
At time of writing, the index has a reading of 62.50, with Ethereum at $1,582, with a floor at $1,550 as a possible target for sellers.
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