ETH, BTC Lower as Bearish Momentum Returns on Friday – Market Updates Bitcoin News

After a small price increase, bitcoin traded lower Friday as the bearish momentum in crypto markets returned. BTC was once again nearing the $20,000 level in today’s session, while ETH fell below $1,100 earlier in the day.

Bitcoin

BTC moved lower in Friday’s session, as bearish momentum once again reigned supreme in crypto markets.

BTC/USD declined to $20.265.23 on Thursday after an increase in its price. The pair will be trading at the weekend’s low.

As a result of Friday’s move, BTC moved towards what seems to be its new floor at $20,200 for the third day on the bounce.

Today’s decline also coincided with the 14-day RSI failing to break out of its ceiling close to the 26.35 area.

This indicator currently tracks at 25.30. Bears may attempt to move this indicator to 22.

We will probably be looking into bitcoin trading below $20,000 if this occurs, something which may happen within the next few hours.

Ethereum

In addition to declines in BTC, ETH was also marginally lower in today’s trading session, as it fell below a key price level.

ETH/USD slipped to an intraday low of $1,058.78 during Friday’s session, which is less than a day after it hit a peak of $1,138.27.

This drops means that ETH trades marginally higher than its previous price floor at $1,050. It seems like this is one last line of defense against a drop below $1,000.

As of writing, ETH has moved away from earlier lows, and is currently trading at $1,095.12, which is 1.48% lower than yesterday’s high.

The chart shows that the Relative Strength Index tracks at 22. This is more than the 20.35 floor.

If ETH wants to keep above $1,000 this weekend, then price strength should be maintained above that point.

Is ETH likely to fall below $1,000 on Saturday? Please leave your comments.

Eliman Dambell

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