ETH remained close to a six week low after a string of recent declines. This weekend saw ETH remain near that level. BTC was also lower on Saturday, as the world’s largest cryptocurrency remained closer to a two-month low.
Bitcoin
BTC was once again trading lower on Saturday, as prices were battling to find a floor following Friday’s selloff.
After hitting an intraday low of $35,482.13 during yesterday’s session, BTC/USD was marginally higher, but still close to its two-month low.
Today’s session has so far seen BTC rise to a peak of $36,357.75, which is around 0.26% higher than yesterday’s low.
Crypto prices have sunk in the past three days, as markets reacted to the Fed’s interest rate decision, and the recent non-farm payrolls report.
The Dow Jones fell by over 1000 points, and markets across the board are selling.
Many think this could be because traders are taking a more risk-off approach to inflation as fear continues to grip the market.
BTC has found an interim floor in the amount of $35530. Many believe this will be a starting point to $37,000.
Ethereum
Saturday was also a day when ETH tried to locate a price support mechanism, with prices struggling to rebound from a six-week low.
Following three consecutive sessions of declines, the world’s second-largest cryptocurrency seemed to have found support at $2,660.
After falling to $2.645.34 Friday, the price has since shot up to $2.721.10.
The price dropped as the 14 day RSI reached a new floor at 39.10, the lowest level it has been at since Saturday.
Bulls will look back at March 16, when there was a rebound from the current price point that led to an almost $1,000 price rise.
If the floor fails to hold, bears could be looking for exits at $2,500.
Are you expecting bulls or bears this weekend? Comment below to share your views.
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