BTC, ETH Extend Recent Declines During Saturday’s Session – Market Updates Bitcoin News

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.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session
BTC/USD – Daily Chart

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.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session
ETH/USD – Daily Chart

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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Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator in Crypto, Stocks, and FX.

Image creditShutterstock. Pixabay. Wiki Commons

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