Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate
Cryptocurrency markets consolidated on Friday, as bulls marginally pulled back following strong gains in yesterday’s session. Bitcoin fell slightly below $24,000, as prices were once again unable to move past a key ceiling. Ethereum was also lower, however continued to trade close to $1,900. Bitcoin
Bitcoin (BTC) prices fell marginally lower on Friday, as crypto bulls retreated following strong gains during yesterday’s session.
The world’s largest cryptocurrency dropped to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the day prior.
Today’s decline came as BTC was unable to sustain a move above its resistance level of $24,600, with bears seemingly reentering at this point. BTC/USD – 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 ceiling.
This resistance was at the 60.32 level, which last suffered a marginal break on July 19, however a full move above this point hasn’t occurred in over four months.
It seems as though this is the last obstacle in the way preventing bitcoin from surging to and beyond $25,000. Ethereum
In addition to BTC, ethereum (ETH) was also trading slightly lower in today’s session, as prices of the world’s second-largest token moved slightly below $1,900.
Following a high of $1,905.49 on Thursday, ETH/USD moved to a bottom of $1,863.16 in today’s session.
Yesterday’s high was also a key resistance point for ethereum, and was the first time in over two months that prices had collided with this ceiling. ETH/USD – Daily Chart
As a result of this, bearish pressure 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, back on June 7, when ETH last hit this ceiling, prices went on to fall for twelve consecutive sessions, hitting a bottom below $900 in the process.
In addition to this, the RSI has also failed to move beyond its own resistance at 68, which seems to have been a signal to bears to reenter the market.
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Do you expect ethereum to fall lower this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: ETC Nears 4-Month High, LINK Hits Highest Point Since June MARKET UPDATES | 8 hours ago Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10% MARKET UPDATES | 1 day ago
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