On March 4, bitcoin consolidated recent losses as the cryptocurrency market stabilized slightly from Friday’s sell-off. Prices plunged to two-week lows in yesterday’s session, but sentiment has changed somewhat. Ethereum also recovered and is back in the green as we head into the weekend.
Bitcoin (BTC) consolidated Friday’s losses to enter the weekend as market volatility eased in today’s session.
Following yesterday’s low of $22,213.24,.BTC/USD rose to an intraday high of $22,444.19 during the day.
The move allowed bitcoin to follow Friday’s breakout back above its long-term support point of $22,300.
Additionally, the 14-day Relative Strength Index (RSI) also appears to have bottomed out, softening the decline in price strength.
As of this writing, the index is hovering at 42.89, just above the 42.00 support point
. Of concern for bullish aspirants is the impending downward intersection of the 10-day (red) and 25-day (blue) moving averages, which could signal a future decline.
in addition to. btc, ethereum (ETH) also settled on Saturday as the bearish momentum has somewhat faded.
ETH/USD hit a high of $1,575.87 in today’s session, less than 24 hours after trading at a low of $1,552.45.
As a result of this rebound, the world’s second-largest cryptocurrency has once again surpassed the lower price limit of $1,560.
However, this may be temporary as the 10-day moving average (red) is on the brink of intersecting the 25-day moving average (blue) downwards.
The RSI is hovering at 45.21, relatively higher than yesterday’s bottom at 44.51, as the bulls refused to break below 44.00.
From this support point, a close to the resistance level at 48.00 would makemore likely; ETHwould be above $1,600;would be above $1,600; andwould be above $1,600.
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