BTC Moves Below $24,000 on Friday as Crypto Markets Consolidate – Market Updates Bitcoin News

Cryptocurrency markets consolidated on Friday as bulls retreated slightly after sharp gains in yesterday’s session. Bitcoin slipped slightly below $24,000 as prices once again failed to scale above a key ceiling. Ethereum was also lower but continued to trade near $1,900.

Bitcoin

Bitcoin (BTC) prices fell marginally lower on Friday as crypto bulls retreated after strong gains during yesterday’s session.

The world’s largest cryptocurrency fell to an intraday low of $23,828.59 in today’s session, following a high of $24,822.63 the previous day.

Today’s drop came as BTC was unable to sustain a move above its $24,600 resistance level, at which point the bears appear to be re-entering.

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 held at the 60.32 level which last saw a minor break on July 19th but has not seen a full move above this point in over four months.

It seems like this is the final obstacle on the way to stopping bitcoin from rallying to and above $25,000.

ether

Alongside BTC, Ethereum (ETH) also traded slightly lower in today’s session as prices of the world’s second largest token slipped slightly below $1,900.

After hitting a high of $1,905.49 on Thursday, ETH/USD moved to a low of $1,863.16 in today’s session.

Yesterday’s high was also a key resistance point for Ethereum and was the first time prices have collided with this ceiling in over two months.

ETH/USD daily chart

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

Looking at the chart, on June 7th, when ETH last hit this cap, prices fell for 12 consecutive sessions, bottoming below $900 in the process.

Furthermore, the RSI has also failed to clear its own resistance at 68, which seems to be a signal for the bears to re-enter the market.

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Elijah Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a broker director, retail educator, and market commentator for crypto, stocks, and forex.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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