After a week of choppy trading, bitcoin prices consolidated to kick off the weekend. The token climbed back above the $19,000 level on Saturday, hovering near a three-month low in recent days. Ethereum also consolidated during today’s session, with prices pulling back above $1,300.
Bitcoin
Bitcoin (BTC) topped $19,000 on Saturday as markets continued to digest this week’s high level of volatility. Also read: Good news for crypto: US lawmakers are opposing the SEC’s move to expand the crypto enforcement unit..
After bottoming out at $18,617.55 on Friday, the highest crypto-The world currency hit an intraday high of $19,374.55 earlier in the day.
The move lifted Bitcoin back above its key support point of $19,300, after a recent breakout sent prices to a three-month low.
Looking at the chart, the initial rise in price in today’s session took place as the 14-day Relative Strength Index (RSI) also rose, reaching a resistance level in the process.
Since reaching a high of 44.10, BTC/USD prices have fallen from previous highs and are trading at $19,061.70 at the time of writing.
If the bulls intend to push BTC higher, or even push it back above $20,000, this current hurdle on the RSI will need to be overcome.
Ethereal
In addition to bitcoin, ethereum (ETH) also had a choppy week, with prices falling to as low as $1,220. This may interest you: Solana: The SOL price rises 50% in two weeks, but how far will it go?.
However, after reaching this point, which now appears to be a price floor, the token has risen slightly on consecutive sessions.
On Saturday, ETH/USD hit an intraday high of $1,335.28, which comes less than 24 hours after trading as low as $1,270.20.
As you can see on the chart, the move came as its RSI also rose, reaching a high of 38.70 in today’s session.
As with bitcoin before it, this reading brought the index to a point of resistance, which has historically been an area where bears re-enter the market.
At the time of writing, ETH is trading at $1,327.12, which is still more than 3% higher than Friday’s low.
Register your email address here to receive weekly price reviews delivered to your inbox:
Do you expect Ethereum to rise higher this weekend? Leave your thoughts in the comments below.
Eliman brings an eclectic perspective to market analysis, having previously been a brokerage director and educator in trade Retail sale. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.
💎 Open a free account to invest in cryptocurrencies!
CoinHouse allows you to easily invest in crypto assets. Creating an account is free and is done through a few simple steps.
📈 Trade cryptos online in just a few clicks!
BitPanda allows you to trade crypto easily online. Creating an account is fast, free and very simple.
Be vigilant and consult your financial advisor before making any investment decision. Mirror-Mag is not responsible in case of bad investments. Before using any third party service, you should do your own research.
Passionate about cryptocurrencies and DeFI, Thomas broadcasts international news on this topic!