Ethereum held above $2,100 to start the weekend despite the crypto market moving into consolidation. Traders have begun to lock in gains following this week’s rally, and as of this writing, global market capitalization is down 0.52%. Bitcoin has fallen below yesterday’s peak above $31,000.
Bitcoin
Bitcoin (BTC) moved below the $31,000 level on Saturday as the cryptocurrency markets consolidated to start the weekend.
Following Friday’s high of $31,005.61,BTC/USD fell to a low of $30,044.50 earlier today’s session.
Yesterday’s peak sent bitcoin to its highest level since June 7, seemingly prompting bulls to secure profits.
The chart shows that the 14-day Relative Strength Index (RSI) has hit a ceiling of 71.00 and is falling in value.
As of this writing, the index is hovering at 70.18, just above the 68.00 floor.
If the RSI falls below 70.00, it is possible that more bulls will give up their earlier positions in order to protect their recent gains.
Ethereum
Although relatively low from Friday’s highs, Ethereum (ETH) has held above $2,100 so far in the Saturday session.
ETH/USD fell to an intraday low of $2,049.08 earlier today, but has since recovered and is now trading at $2,103.18.
This is just below yesterday’s peak of $2,120.59, which sawETHremain strong for the first time since last May.
Like Bitcoin, Ethereum, the world’s second largest cryptocurrency, is also colliding with the ceiling of the RSI indicator.
The aforementioned 75.00 resistance point was hit on Friday and the index is currently tracking at 74.88.
If the ethereum bulls move above this point, price could approach $2200 later this week.
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