After moving above $20,000 on Friday, bitcoin was back in the red on Saturday as prices fell closer to a key support point. As a result of this move, the token was nearly flat last week, with prices up 0.87% over the past seven days. Ethereum also dropped at the start of the weekend.
Bitcoin
Bitcoin (BTC) fell below $20,000 to start the weekend as bearish sentiment returned after a brief rally late Friday.
BTC surged to a peak of $20,109.85 following the release of the September University of Michigan Consumer Sentiment Report, which showed improvement from the previous month.
But on Saturday, the token fell to an intraday low of $19,238.12, falling below the $19,300 low in the process.
The chart shows that the 14-day Relative Strength Index (RSI) continues to move away from its 49.00 ceiling.
At the time of this writing, the index is at 45.45 and approaching another support point near 44.00.
If this floor holds steady, bitcoin bulls are likely to see a rebound, not only bringing the price back to $20,000, but possibly above this point.
Ethereum
Ethereum (ETH) also traded lower over the weekend as bullish sentiment from yesterday’s consumer sentiment data faded quickly.
ETHETHETH/USD fell to a low of $1,320.38 after recording a peak of $1,368.74 in yesterday’s session.
As a result of this sell-off, the world’s second largest cryptocurrency fell below the $1,330 support point.
The token is currently trading at $1,325.36 and bulls are trying to climb above this current resistance point.
Like Bitcoin, Ethereum’s 14-day RSI has also consolidated and is hovering below the 41.00 ceiling at the time of writing.
The 10-day (red) moving average appears to be finally in place for a bounce, but this will likely only occur if the ceiling of the RSI indicator is broken.
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