Ethereum also continued its descent in today’s session as the price of the token broke below the $1,700 level to start the weekend.
Bitcoin continued to reside in the red to start the weekend as prices for the world’s largest cryptocurrency dipped below $22,000.
On Saturday, BTC falls to an intraday low of $20,868.85 as the token approaches a key support level. This floor sits at the $20,800 level, which was last seen on July 16, when prices traded below $20,500.
Due to these declines, the 14-day Relative Strength Index (RSI) fell to a low of 32.97, which is its lowest level since July 12. Bitcoin prices have since rebounded and as of this writing are back above $21,000. BTC is currently trading at $21,191.27.
Taking a closer look at the chart, we can see that the 10-day moving average (MA) (red), is close to a downward cross with the 25-day MA (blue).
Should this trend continue, it could signal further declines, with BTC likely to fall below $20,000.
After a strong start to the week, Ethereum started the weekend trading over $400 from Monday’s peak above $2,000.
ETH, which fell as low as $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.
This is the lowest level at which Ethereum has traded in the last sixteen days, having fallen below $1,600 on August 4.
Focusing on the chart, it appears the bears are trying to drive prices towards a support point of $1,565. However, bulls have so far resisted this possibility, pushing past previous lows, with the token currently trading at $1,636.11.
The rebound occurred as the RSI hit a low of 43.00, and at the time of writing, the RSI sits at 44.90. If it moves closer to 50, we could see the token break back above $1,700.
To display Hide the table of contents