Cryptocurrency markets consolidated on Friday, as bulls marginally pulled back following strong gains in yesterday’s session. Bitcoin dropped slightly to $24,000 as the price of Bitcoin was unable move beyond a crucial ceiling. Ethereum traded close to $1900, although it was lower.
Bitcoin
Bitcoin (BTC) prices fell marginally lower on Friday, as crypto bulls retreated following strong gains during yesterday’s session.
The world’s largest cryptocurrency dropped to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the day prior.
Today’s decline came as BTC was unable to sustain a move above its resistance level of $24,600, with bears seemingly reentering at this point.
Looking at the chart, today’s decline coincided with the 14-day relative strength index (RSI) failing to break out of its own ceiling.
This resistance was at the 60.32 level, which last suffered a marginal break on July 19, however a full move above this point hasn’t occurred in over four months.
This seems to be the final obstacle that bitcoin faces in its ascent towards $25,000.
Ethereum
In addition to BTC, ethereum (ETH) was also trading slightly lower in today’s session, as prices of the world’s second-largest token moved slightly below $1,900.
Following a high of $1,905.49 on Thursday, ETH/USD moved to a bottom of $1,863.16 in today’s session.
Yesterday’s high was also a key resistance point for ethereum, and was the first time in over two months that prices had collided with this ceiling.
This led to bearish pressure returning, driving the token below $1,905 which, as you can see on the chart, is an important point of uncertainty.
The chart shows that prices fell for 12 consecutive sessions starting on June 7th, when ETH hit its last ceiling. Prices then dropped to below $900 during the next twelve sessions.
Moreover, the RSI failed to surpass its resistance of 68 which seemed to be a warning to bears that it was time to reenter.
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