Following Friday’s strong rally, bitcoin consolidated below a key resistance level to start the weekend. As price uncertainty increased in the crypto market, bulls opted to secure gains and at the time of writing, are down 1% on the day. Ethereum also declined slightly in the session.
Bitcoin
After a strong rally on Friday, Bitcoin (BTC) traded slightly lower on Saturday as prices fell below a key resistance point.
Following yesterday’s high at $24,294.79, where prices briefly broke through the $24,200 ceiling,BTCBTC/USD fell to a low of $23,481.17 earlier in the day.
This low is in contrast to traders who seem to have chosen to take profits at this uncertain point and try to push prices further higher.
The chart shows that the $24,200 resistance level has hit the ceiling again, this time in the form of the 62 mark on the 14-day RSI (relative strength index)
Relative Strength recently rose to its highest point since April 4, whenBTCwas trading above $43,000, but price momentum at that time has stalled due to current market conditions.
Prior to today’s price drop, bitcoin bulls had somewhat targeted the $25,000 mark, but to achieve this, the RSI would need to move above 62.
Ethereum
Ethereum (ETH) was also lower in today’s session as recent bullish sentiment shifted somewhat to the bearish side heading into the weekend.
The world’s second-largest cryptocurrency consolidated on Saturday as its price fell to a low of $1662.79.
Saturday’s drop comes one day afterETH/USD failed to move above its long-term price ceiling of $1,780, which has held since June 10.
This failure caused the bear, smelling blood, to re-enter and move to apply pressure from its previous bull position.
As of this writing,ETHis trading at $1689.70 and the 14-day relative strength index is tracking at 64.75, just below its own resistance level of 66.
If bearish pressure persists in today’s session, the next landing point for prices could be the $1620 floor.
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