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 (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.
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.
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