Ethereum held above $2,100 to start the weekend, despite crypto markets consolidating. Following this week’s gains, traders have apparently started to turn a profit, with global market capitalization down 0.52% as of this writing. Bitcoin has fallen below yesterday’s peak above $31,000.
Bitcoin
bitcoin (BTC) pulled back below the $31,000 level on Saturday, as the cryptocurrency markets consolidated to start the weekend.
After a high of $31,005.61 on Friday, BTC/USD fell to a low of $30,044.50 earlier in today’s session.
Yesterday’s spike saw Bitcoin rally to its highest level since June 7, which has apparently led bulls to lock in profits.
Looking at the chart, the drop in price comes as the 14-day RSI hit a top at 71.00.
At the time of writing, the index is now at 70.18, which is marginally higher than a bottom at 68.00.
In the event that the RSI falls below 70.00, there is a good chance that even more bulls will exit previous positions to protect recent gains.
Ethereal
Although relatively lower than Friday’s high, ethereum (ETH) continued above $2,100 so far in the Saturday session.
ETH/USD fell to an intraday low of $2,049.08 earlier in the day, however it has since recovered and is currently trading at $2,103.18.
This is marginally lower than yesterday’s peak of $2,120.59, which saw ETH trading at its strongest point since last May.
Similar to bitcoin, ethereum, which is the second largest cryptocurrency in the world, has hit a top on the RSI indicator.
The aforementioned resistance point at 75.00 was reached on Friday, with the index now at 74.88.
If ethereum bulls break above this point, there is a chance that prices could go closer to $2,200 this weekend.
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