BTC fell below $30,000 today after a strong Friday rebound. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session.
On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.
Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.
Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy.
However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.
The 14-day RSI chart now shows it trading lower. It fell to a minimum of 25. That is a floor that was last broken in January.
If that happens, then bitcoin trading will be closer to $25,000 for the upcoming sessions.
The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.
ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.
As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally.
The 14-day Relative Strength Index (ethereum chart) is tracking at 25. This is similar to BTC. It is now at its lowest level in more than four months.
Prices of ETH have fallen to $1,695 already this week. If the RSI continues to decline, these lows may be re-visited soon.
Overall, ETH has fallen more than 26% over the past seven days. BTC traded almost 20% less in the same time period.
This weekend could we witness these support levels being broken? Comment below to share your views.
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