Bitcoin fell below the $25,000 mark on Friday as the market moved into consolidation following its recent rally. Prices have fallen about $1,700 in the past 24 hours, and at the time of writing, the global cryptocurrency market capitalization is down 1.89%. Ethereum also fell after hitting the $1,700 mark on Thursday.
Bitcoin
Bitcoin (BTC) was well off its highs above $25,000 on Friday as the crypto market moved into consolidation.
BTC/USD fell to an intraday low of $23,460.76 during today’s session, coming one day after hitting a high of $25,134.12.
The selling appears to have occurred as a result of bitcoin bulls’ inability to sustain a breakout of the $24,200 ceiling.
BTC
The chart shows that the 14-day Relative Strength Index (RSI) is also back below its own resistance at 65.00.
At the time of writing, price strength is currently at a reading of 61.89, not too far from support at 59.00.
BTChas already begun to rebound from its previous lows, with prices currently trading at $23,820.98 at the time of writing.
Ethereum
Ethereum (ETH) has been the more subtle side of the decline, with prices hovering relatively close to the $1,700 mark.
Following Thursday’s high of $1,732.80,ETHalso rose; ETH/USD is currently trading at $1,636.17 in today’s session. Similar to
BTC, ETHbroke below $1,675, a key resistance line on its way to its current price range.
This decline coincides with the RSI’s failure to break through the 60.00 ceiling. It is currently tracking at 58.90.
However, it is positive that the 10-day (red) moving average is no longer pointing down and there is a faint possibility of a swift upward cross.
If this occurs, Ethereum will not only return above $1700, but will likely approach $1800.
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