Bitcoin was in the red again on Saturday, bringing bearish sentiment back to the cryptocurrency market. The world’s largest token moved lower to start the weekend, following yesterday’s spike to $20,000. Ethereum also fell today, dropping below $1,300 in the process.
Bitcoin (BTC) was in the red to start the weekend as bearish sentiment returned to the cryptocurrency market.
BTC was higher on Friday as market uncertainty eased following the latest U.S. inflation report, but this wild swings seem to have returned this weekend.
As a result,BTC/USD fell to an intraday low of $19,076.63 less than 24 hours after hitting a peak of $19,821.40.
The chart shows that the 10-day (red) moving average (MA) is about to cross downward with the 25-day (blue) moving average due to the price decline
In addition, the 14-day Relative Strength Index (RSI) has failed to exceed its upper limit of 55.00 and is now below the 50.00 mark again.
If this momentum continues to wane, we could see a move toward the $18,600 bottom.
Like Bitcoin, Ethereum (ETH) traded to start the weekend, with the token price falling below $1,300.
The drop indicates that the world’s second-largest cryptocurrency is hovering just above its $1,275 floor, which was last broken on Thursday.
The token fell to a floor of $1,190 that day, but prices rebounded somewhat after the release of the US inflation report.
However, this rebound was short-lived, with the RSI falling back toward the 38.00 floor.
If price strength declines beyond this point, Ethereum could drop below $1,200 again.
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