After a move above $20,000 on Friday, bitcoin was back in the red on Saturday as prices fell near a key support point. As a result of the move, the token has remained virtually unchanged over the past week, with the price up 0.87% over the past seven days. Ethereum was also lower to start the weekend.
Bitcoin
Bitcoin (BTC) fell below $20,000 to start the weekend as bearish sentiment returned after a brief rally late on Friday.
Following the release of the University of Michigan consumer sentiment report for September, which showed improvement from the previous month, BTC hit a high of $20,109.85.
However, on Saturday, the token slid to an intraday low of $19,238.12, falling below its low of $19,300 in the process.
Looking at the chart, the move comes as the 14-day Relative Strength Index (RSI) continues to move away from its high at 49.00.
At the time of writing, the index stands at 45.45, which is close to another support point near the 44.00 region.
If this floor holds, there is a strong possibility that we will see a rebound, with bitcoin bulls not only taking the price back to $20,000, but potentially above that point.
Ethereum
Ethereum (ETH) was also trading low to start the weekend as the bullish sentiment from yesterday’s consumer sentiment data quickly dissipated.
Since hitting a high of $1,368.74 in yesterday’s session, ETH/USD has fallen to a low of $1,320.38 earlier today.
Following this selloff, the world’s second largest cryptocurrency fell below its support point of $1,330.
Currently, the token is trading at $1,325.36 with bulls attempting to climb above this current resistance point.
Similar to bitcoin, Ethereum’s 14-day RSI is also consolidating and is below a high of 41.00 at the time of writing.
The 10-day moving average (red) finally appears to be positioned for a bounce, however, this will likely only happen once the RSI indicator’s ceiling is breached.
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Will we see Ethereum break out of this point this weekend? Leave your thoughts in the comments below.
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