Bitcoin moved towards $22,000 to start the weekend, as prices consolidated following Friday’s gains. Due to recent rallies and price uncertainty, crypto has seen several tokens move towards being overbought. On Saturday, Ethereum fell as well.
Bitcoin
The Bitcoin (BTC), price fell Saturday as the uncertainty surrounding crypto market prices continued to rise following recent gains.
The world’s largest cryptocurrency fell by over $1,000 in the past 24 hours, hitting an intraday low of $22,418.08 in the process.
Friday saw bitcoin trading at a peak of $23,671.93, which was still close to a five-week high, however today’s bearish pressure has shifted market sentiment.
Accordingly, the prices could now be headed for $21,800 support in the coming days.
Market uncertainty was triggered by the resistance at 62.40 on the 14-day relative strengths index (RSI). Bullish momentum quickly slowed down.
It is possible that the $21,800 floor could be reached, although it’s not certain. However, there are still bulls in the market so this may not happen this weekend.
Ethereum
Additionally to bitcoin (ETH), ethereum was also on the decline as the prices fell from their recent highs in order to open the weekend.
ETH/USD slipped to an intraday low of $1,523.64 on Saturday, following a peak of $1,639.11 during Friday’s session.
ETH managed to maintain above $1500 despite this drop. Prices have risen by more than 30% within the last seven days.
Currently, the 14 day RSI reading is 62.38. That is very close to being in overbought territory and the primary reason for the drop in recent days.
Due to current bull volume, bears may be trying to reenter market. This is leading to price consolidation.
Register here and get price analysis alerts sent directly to your inbox every week.
Is ethereum going to drop below $1,500 next weekend? Comment below to share your views.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or imply loss.