Bitcoin started the weekend hovering around $23,000 as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell 0.2% over the past month despite improving overall consumer sentiment. Ethereum remained close to $1,600 at the start of the day.
Bitcoin
Bitcoin (BTC) remained near $23,000 on Saturday as markets continued to react to Friday’s US personal consumption data.
After hitting a high of $23,417.72 late Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This comes as Bitcoin once again failed to break above a key resistance level at $23,500, prompting a resurgence in bearish sentiment.
BTC/USD daily chart
Additionally, the 14-day Relative Strength Index (RSI) has fallen below the 80.00 level and seems headed for a bottom near 76.00
If the momentum to the downside continues, BTC is likely to collide with a bottom at $22,400.
Currently the index is at 78.59 with BTC/USD trading at $22,930.60.
ether
After a brief stint to move back above $1,600 late Friday, Ethereum (ETH) started the weekend below this level again.
ETH/USD fell to a low of $1,568.69 on Saturday, less than a day after hitting a high of $1,617.00.
Ethereum volatility has increased over the past few days after a failed breakout attempt above $1,645 earlier this week.
ETH/USD daily chart
After weeks of being overbought, price strength has started to fade with the 14-day RSI now below its floor at 63.00
As of this writing, the index is at 62.50 with Ethereum at $1,582 and a floor at $1,550 as a possible target for sellers.
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Elijah Dambell
Eliman brings an eclectic viewpoint to market analysis. Previously he was Brokerage Director and Online Trading Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.
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