Bitcoin, Ethereum Technical Analysis: BTC Falls Below $25,000 Following Recent Surge
Bitcoin fell below the $25,000 mark on Friday, as markets moved into consolidation, following recent gains. Prices fell by almost $1,700 in the last 24 hours, with the global cryptocurrency market cap down 1.89% as of writing. Ethereum also dropped, after breaking into the $1,700 level on Thursday. Bitcoin
Bitcoin (BTC) fell sharply below a high above $25,000 on Friday, as crypto markets moved into consolidation.
BTC/USD dropped to an intraday low of $23,460.76 during today’s session, which comes a day after hitting a high of $25,134.12.
The sell-off seems to have occurred as a result of bitcoin bulls being unable to maintain a breakout of a ceiling at $24,200. Bitcoin chart by TradingView
Looking at the chart, the 14-day relative strength index (RSI) also moved back below its own resistance level at 65.00.
As of writing, price strength is currently at a reading of 61.89, which isn’t too far off from a support of 59.00.
BTC has already begun to rebound from its earlier lows, with prices now trading at $23,820.98 at the time of writing. Ethereum
Ethereum’s (ETH) decline was more on the subtle side, with prices remaining relatively close to the $1,700 mark.
Following a high of $1,732.80 on Thursday, ETH/USD is currently trading at $1,636.17 in today’s session.
Similar to BTC, ETH fell below a key resistance level of $1,675 on its way to its current price point. Ethereum chart by TradingView
The decline coincided with the RSI failing to break out of a ceiling at 60.00. It is currently tracking at 58.90.
A positive, however, is that the 10-day (red) moving average is no longer downward facing, with the potential for a swift upwards cross faintly on the cards.
Should this occur, there is a strong possibility that ethereum will not only move back above $1,700, but potentially closer to $1,800.
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Will we see further consolidation this coming weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: MATIC Rallies, Hitting Fresh 10-Month High MARKET UPDATES | 7 hours ago Biggest Movers: MATIC Hits 10-Month High as AVAX Extends Recent Gains MARKET UPDATES | 1 day ago
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