After a move above $20,000 on Friday, bitcoin was back in the red on Saturday as prices fell near a key support point. As a result of this move, the token has been largely unchanged over the past week, with the price rising 0.87% over the past seven days. Ethereum was also lower to start the weekend.
Bitcoin
Bitcoin (BTC) fell below $20,000 to start the weekend as bearish sentiment returned after a brief rally late Friday.
Following the release of the University of Michigan’s Consumer Sentiment Report for September, which showed an improvement from the previous month, BTC rose to a high of $20,109.85.
However, on Saturday, the token fell to an intraday low of $19,238.12, falling below its floor of $19,300 in the process.
Looking at the chart, the move comes as the 14-day relative strength index (RSI) continues to move away from its ceiling at 49.00.
At the time of writing, the index is trading at 45.45, which is close to another support point near the 44.00 region.
Should this floor hold firm, there is a strong possibility that we could see a recovery, with bitcoin bulls not only taking price back to $20,000, but possibly above this point.
Ethereum
Ethereum (ETH) also traded lower to start the weekend as bullish sentiment from yesterday’s Consumer Sentiment data quickly faded.
Since reaching a high of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.
As a result of this selloff, the world’s second largest cryptocurrency fell below its support point of $1,330.
Currently, the token is trading at $1,325.36, with bulls trying to climb above this current point of resistance.
As with bitcoin, ethereum’s 14-day RSI is also consolidating and moving below a ceiling of 41.00 as of this writing.
The 10-day (red) moving average appears to be finally positioned for a bounce, but this is likely to happen only once the ceiling on the RSI indicator is broken.
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Will we see ethereum break out of this point this weekend? Leave your thoughts in the comments below.
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