Bitcoin started the weekend trading below the $26,000 level, as bears seized market momentum to end the week. Price surged during the early part of the week, climbing over the $28,000 mark. However in the days that followed, sentiment has mostly trended lower. Ethereum remains in the red.
Bitcoin
Bitcoin continued to trend lower on Saturday, as the bears were once again in control of crypto market sentiment.
Following a high of $28,148 on Tuesday, BTC/USD started the weekend falling to a low of $25,362.61.
The decline has come as a result of profit taking, and also the changing economic climate in the United States.
BTC/USD – Daily Chart
Consumer spending is slowing, whilst the labor market remains tight as a result of increasing interest rates.
Looking at the chart, today’s decline pushed bitcoin below a key support point of $25,600, however bulls have since reentered.
At the time of writing, BTC is now trading at $25,818.66, with a target of $26,000 likely to be present throughout the weekend.
Ethereum
After almost falling below $1,600 on Friday, ethereum (ETH) was mostly higher to start the weekend’s session.
ETH/USD peaked at $1,650.71 earlier in the day, but momentum has since dropped, with the price now at $1,635.02.
The world’s second largest cryptocurrency has not been able to move back above $1,650, which has been a point of price support.
ETH/USD – Daily Chart
From the chart it appears that ETH managed to avoid dropping under $1,600 due to the relative strength index (RSI) colliding with a floor at 36.00.
As of writing, price strength is now tracking at a reading of 37.04, with the next visible ceiling at 49.00.
