BTCdropped slightly to start the weekend as crypto prices consolidated following their recent rally. Bothandfell slightly after prices surged on Friday, while ETHand Bitcoin fell slightly as bulls appeared to liquidate their positions to secure gains.
Bitcoin
Bitcoin traded lower to start the weekend as the market consolidated following Friday’s price spike.
After peaking at $21,138.24 in yesterday’s session,.BTC/USD fell to an intraday low of $20,518.90 earlier today.
This decline was due to yesterday’s somewhat weaker momentum as the bears re-entered the market approaching a key point.
The chart shows that this resistance line was around the $21,100 level, often the zone where bears like to cycle The resistance line was around the $21,100 level, a zone where bears often like to cycle.
At this time, they chose to attack, some previous bulls were forced to retreat from their positions, and some are likely waiting for a good opportunity to re-enter.
However, if price strength exceeds this, we are likely to see a continuation of the upward momentum.
Ethereum
ETHsuffered a similar fate on Saturday after a relatively strong rally on Friday, with prices falling slightly.
Yesterday, the world’s second-largest token hit an intraday high of $1,275.78 and prices rose about 12% during the day.
This momentum waned somewhat today, hitting a low of $1,195.61 over the weekend.
After briefly soaring above the $1,270 resistance level on Friday, some early bulls chose to take profits instead and abandoned their positions.
At the time of this writing, prices are trading slightly above $1200, which bodes well for those looking to take a long-term position.
The Relative Strength Index is currently at 49.27, the highest level since April. However, it needs to strengthen further for prices to rise.
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