Bitcoin neared a breakout below $27,000 on Saturday, sending the market lower after a volatile week of trading. Market uncertainty was high this week as traders digested the latest Federal Reserve rate hike and the ongoing global banking crisis. Ethereum remains below $1,800 as of this writing.
Bitcoin
Bitcoin (BTC) opened the weekend solidly below $28,000 as market volatility eased on Saturday.
Following Friday’s high of $28,208.21,BTC/USD moved to an intraday low of $27,039.27 earlier today.
As a result, bitcoin hit the floor at the $27,050 level, but bulls have so far rejected a breakout below this point.
The chart shows that today’s sell-off occurred with the Relative Strength Index (RSI) below its own floor at 65.00.
As of this writing, the index is hovering at the 62.75 level, with the next support point at the 60.00 mark.
Overall,BTChas rebounded from its previous lows and is trading at $27,475.15 as of this writing.
Ethereum
ETHalso showed a modest decline heading into the weekend as prices continued to fall from recent seven-month highs.
ETHIn today’s session, /USD fell to a bottom of $1730.35 after hitting a high of $1791.14.
The move pushed Ethereum to a long-term bottom of $1,730, at which point buyers opted to buy the dip.
This recent price drop has pushed Ethereum’s RSI to a two-week low, with a current reading of 55.39.
Momentum is still slightly bullish as seen in the 10-day moving average (red), but that could change if price falls below $1730.
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