The cryptocurrency market sell-off this week worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its downward slide in today’s session, with the token’s price falling below the $1,700 level at the start of the weekend.
Bitcoin
Bitcoin (BTC) continued to reside in the red to start the weekend as the price of the world’s largest cryptocurrency fell below $22,000.
Saturday sawBTC/USD fall to an intraday low of $20,868.85, with the token approaching a key support level.
This floor is at the $20,800 point last hit on July 16 when prices were trading below $20,500.
As a result of these declines, the 14-day relative strength index (RSI) fell to 32.97, its lowest level since July 12.
Bitcoin prices have since rebounded and are back above $21,000 as of this writing. BTCis currently trading at $21,191.27.
A closer look at the chart shows that the 10-day (red) moving average (MA) is approaching a down cross with the 25-day (blue) MA.
Ethereum
After a strong start to the week, Ethereum (ETH) started the weekend trading over $400 away from Monday’s $2,000+ peak.
ETH /USD fell to a bottom of $1,695.15 on Friday and fell further in today’s session to a low of $1,611.34.
This is the lowest level at which Ethereum has traded in the past 16 days after falling below the $1,600 level on August 4
Looking at the chart, it looks likeETH Bears the price towards the $1,565 support point It looks like they are trying to take it.
However, the bulls have so far resisted this possibility and pushed back from earlier lows, with the token now trading at $1,636.11.
It rebounded as the RSI hit a bottom of 43.00, and at the time of writing the RSI is tracking at 44.90. If it heads to 50, the token may rise again above $1700.
Sign up for email here to get weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons
