BTC Holds Below $24,000 on Friday as Crypto Markets Consolidate

Bitcoin dipped slightly below $24,000 as prices once again failed to clear a key ceiling. Ethereum was also down, but continued to trade near $1,900.

Bitcoin

Bitcoin fell slightly on Friday as the bulls pulled back after posting strong gains during yesterday’s session. The world’s largest cryptocurrency fell to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the previous day.

Today’s decline came as BTC was unable to sustain a move above its $24,600 resistance level, with bears appearing to be rallying at this point.

BTC – Daily Chart

Looking at the chart, today’s decline coincided with the 14-day Relative Strength Index (RSI) failing to break out of its own high. This resistance was at the 60.32 level, which suffered a marginal break on July 19, but no full move above that point has occurred in over four months.

This appears to be the final hurdle preventing bitcoin from soaring towards and beyond $25,000.

Ethereum

Ethereum was also trading slightly lower in today’s session, with prices for the world’s second largest token trading slightly below $1,900.

After hitting a high of $1,905.49 on Thursday, ETH hit a low of $1,863.16 during today’s session.

Yesterday’s high was also a key resistance point for ethereum, and it was the first time in two months that the price hit this high.

ETH- Daily Chart

As a result, downside pressure has resurfaced, sending the token back below the $1,905 level, which as seen on the chart is a significant point of uncertainty.

Looking at the chart, last June 7, when ETH after hitting that high, prices continued to fall for twelve consecutive sessions, bottoming out below $900 in the process.

On top of that, the RSI also failed to break above its own resistance at 68, which seems to have been a signal for the bears to re-enter the market.

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