Bitcoin started the weekend trading below $26,000, as the cryptocurrency had its worst week since the collapse of FTX. Market sentiment was bearish following reports that Spacex liquidated its bitcoin holdings. Ethereum remains below $1,700.
Bitcoin
Bears continued to circle bitcoin (BTC) to start the weekend, as the cryptocurrency had its biggest one-day decline since the collapse of FTX.
BTC/USD dropped to a low of $25,668.92 on Saturday, which comes less than 24 hours after trading at a high of $26,598.65.
As a result of today’s move, bitcoin remains close to a two-month low, with some traders targeting a breakout below $25,000.
Overall, the relative strength index (RSI) is deep in bearish territory, with a current reading of 18.56.
Price strength hasn’t tracked below 20.00 since January last year, which for some was the beginning of the so-called “crypto winter”.
Should there be further declines this weekend, the target will likely be a support point of $24,900.
Ethereum
Ethereum (ETH) was marginally higher on Saturday, as the price rebounded from a recent move below $1,600.
Following a high of $1,695.45 on Friday, ETH/USD fell to a bottom of $1,644.93 to start the weekend.
On Thursday, ethereum dropped to a low of $1,540, which was its weakest point since March 12, when the price was trading below the $1,459 level.
The 10-day (red) moving average is now firmly on a downward trend, after appearing as though it was nearing an upwards cross earlier in the week.
As of writing, ethereum seems to have found a firm floor around the $1,660 level.
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