Bitcoin hovered near $23,000 over the weekend as the market continued to react to US consumer spending data. Figures released on Friday reported that spending fell 0.2% last month despite an uptick in overall consumer sentiment. Ethereum remained near $1,600 at the start of the day.
Bitcoin
Bitcoin (BTC) remained near the $23,000 level on Saturday as the market continued to react to Friday’s US consumer spending data.
After a late Friday high of $23,417.72,
BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This was because Bitcoin once again failed to break out of a key resistance line at $23,500, leading to a resurgence of bearish sentiment.
BTC
In addition to this, the 14-day Relative Strength Index (RSI) has fallen below 80.00 and looks headed for the lower limit of 76.00
If the downward momentum continues,BTCis likely to hit a floor of $22,400.
The index is currently tracking at 78.59, withBTCtrading at $22,930.60 for
BTC {42 /USD}.
Ethereum
After a brief period back above $1,600 late Friday, Ethereum (ETH) started the weekend below this level again.
ETH/USD fell to a bottom of $1,568.69 on Saturday, less than a day after peaking at $1,617.00.
Volatility in Ethereum has increased in recent days following a failed breakout attempt at the $1,645 level earlier this week.
After weeks of overbought, price strength has begun to decline, with the 14-day RSI now tracking the lower bound of 63.00
At the time of this writing, the index is at 62.50 and ethereum is at $1582, indicating that a floor of $1550 is a possible target for sellers.
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