On Saturday, bitcoin fell as bearish sentiment returned to crypto markets. The world’s largest token moved lower to start the weekend, following yesterday’s surge towards $20,000. Ethereum fell below $1300 today.
Bitcoin (BTC), which was trading in the red at the start of the weekend due to bearish sentiment returning to crypto markets, was down.
BTC was up on Friday due to market uncertainty. This is despite the fact that U.S. Inflation Reports have shown that BTC has been rising. It seems like this week’s turbulence will be back this weekend.
BTC/USD plunged to $19-076.63 intraday earlier today, less than 24 hours after it hit a peak at $19-821.40.
The chart shows that the price drop has brought the 10-day moving average (MA), which is red in color, closer to a possible downward crossover with the 25-day counterpart (blue).
Moreover, the 14-day relative weakness index (RSI) has fallen below the 50.00 threshold, having failed to exceed its ceiling of 55.00.
Prices could fall further if this happens.
Ethereum (ETH), which is similar to bitcoin, was trading lower at the start of this weekend. Prices fell below $1300.
Following a move above its $1,330 ceiling on Friday, ETH/USD moved to a low of $1,280.18 earlier in today’s session.
The drop sees the world’s second largest cryptocurrency hovering slightly above its floor of $1,275, which was last broken on Thursday.
On this day the token plunged to $1,190. But prices rebounded after the U.S. inflation report was published.
This recovery was however short lived as the RSI is now back at 38.00.
We could see ethereum drop below $1,200 if the strength of its prices drops above this level.
Register here and get price analysis alerts sent directly to your inbox every week.
Is there anything you think has caused bears to reenter the market this weekend, or is it just coincidence? Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.