This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend.
Bitcoin
Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $22,000.
BTC/USD fell to $20,868.85 intraday on Saturday, while the token was moving closer to key support levels.
This floor is at the $20,800 level. It was last reached July 16, 2016, when prices were below $20,500.
These declines led to the 14-day relative weakness index (RSI), which fell to 32.97 on July 12. This is its lowest level since July 12.
Bitcoin prices have rebounded and are currently back at $21,000. BTC currently trades at $21,191.27
If you look closely at the chart, the 10-day moving average (MA) is close to a cross with the-25-day MA (blue).
This trend could continue and lead to further losses, with BTC expected to fall below $20,000.
Ethereum
After a strong start to the week, ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000.
ETH/USD, which dropped to a bottom of $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.
This level is below August’s $1,600 mark, which was the lowest ethereum price has been traded for the past 16 days.
The chart shows that ETH bears appear to be trying to push prices toward a $1,565 support level.
Bulls are reportedly refusing to allow this, and the token is currently trading at $1.636.11.
The rebound occurred as the RSI touched a floor at 43.00. As of this writing, RSI was tracking at 44.90. If this trend continues towards 50 we could see the token go back up above $1,700.
Get weekly price analysis emails sent straight to your inbox by registering your email
What do you think? Please leave your comments.
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. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.