Home Cryptocurrency BTC Begins the Weekend in Bearish Territory – Market Updates Bitcoin News

BTC Begins the Weekend in Bearish Territory – Market Updates Bitcoin News

by Lottar

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 (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.

BTC / USD – Daily chart

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 (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.

ETH/USD – Daily Chart

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.

Register your email here to get weekly price analysis updates sent to your inbox:

Will we see ethereum break out of this point this weekend? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic point of view to market analysis, having previously been a brokerage director and retail educator. Currently he acts as a commentator on various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source link

Related Posts

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy