After strong gains on Friday, bitcoin was consolidating below a key resistance level to start the weekend. The bulls opted to secure their gains as price uncertainty intensified in the crypto markets, which at the time of writing are down 1% on the day. Ethereum was also slightly lower during the session.
After strong gains on Friday, bitcoin (BTC) was trading slightly lower on Saturday as prices fell below a key resistance point.
After yesterday’s high of $24,294.79, which saw prices briefly breach the ceiling at $24,200, BTC/USD fell to a low of $23,481.17 earlier in the day.
This low comes as traders have apparently chosen to take profits at this point of uncertainty, rather than attempt to send prices even higher.
Looking at the chart, the resistance level of $24,200 came as another high was reached, this time in the form of the 62 mark on the 14-day RSI (Relative Strength Index).
Relative strength recently hit its highest level since April 4, when BTC was trading above $43,000, but the price momentum there stagnated, due to current market conditions.
Prior to today’s price decline, bitcoin bulls were somewhat targeting the $25,000 mark, but to achieve this, the RSI would need to break above 62.
Ethereum (ETH) was also weaker in today’s session as recent bullish sentiment shifted slightly to the bearish side to start the weekend.
The world’s second largest cryptocurrency consolidated on Saturday as prices fell to a low of $1,662.79.
Saturday’s drop comes a day later ETH/USD failed to break above its long-term price ceiling of $1,780, which has been in place since June 10.
This failure then led to a re-entry of bears that smelled of blood and moved to pressure previous bulls from their positions.
At the time of writing, ETH is trading at $1,689.70, with the 14-day Relative Strength Index standing at 64.75, which is slightly below its own resistance level at 66.
If the downside pressure persists during today’s session, the next price landing point could be a low of $1,620.
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Will Ethereum fall below $1,600 this weekend? Leave your thoughts in the comments below.
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