Bitcoin dropped below $40,000 in the first weekend of this week, as crypto markets increase losses. ETH also fell on Saturday to the lowest level this week, reaching its lowest point in the process.
Bitcoin
BTC fell for its fourth consecutive session on Saturday, as the world’s largest cryptocurrency dropped below its long-term support level.
BTC/USD’s price fell below the $40,000 level during the session. It reached an intraday lowest of $38,777.04
BTC has fallen 5.27% since the time of writing. It is trading at $39151.54 and the 14-day RSI tracking is at 45.4
This price decline is due to the breaking of the floor for 47 on the RSI indicator. The indicator now trades at its lowest trading level since last Sunday.
As the market continues to decline, traders look for a steady floor. This appears to be in the region of $37,600.
A rebound is also possible, according to Friday’s announcement. Bulls are known for living in current prices historically.
Ethereum
ETH seems to have reached its floor for the weekend and is now trading at a level that’s not bitcoin. It also fell to its lowest point in seven days.
Earlier in today’s session, ETH/USD hit an intraday low of $2,587.75, however these losses have somewhat eased, and ethereum is now trading at $2,645.77.
This is marginally lower than today’s peak of $2,705.25, however as Saturday’s session matures, many remain hopeful of increases in price.
Bears seem to have set their sights on the $2,550 floor, which has been present ever since the prices traded at the $3,000 resistance level.
Historical evidence has proven that bulls rally at the current level. As we saw, last time, this was at $2,600.
Are we likely to see the prices rise heading into Sunday? Comment below to share your views.
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