Bitcoin, Ethereum Technical Analysis: BTC Slips Below $25,000 After Recent Surge – Market Update Bitcoin News
Bitcoin fell below the $25,000 mark on Friday as the market went into consolidation following recent gains. The global cryptocurrency market cap has fallen by 1.89% at the time of writing, with prices down by nearly $1,700 over the past 24 hours. Ethereum also declined after breaking the $1,700 level on Thursday.
Bitcoin
Bitcoin (BTC) declined below highs above $25,000 on Friday as the crypto markets moved into consolidation.
BTC/USD fell to a 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 the bitcoin bulls were unable to break above the $24,200 overhead area.
BTC/USD – Daily Chart
Looking at the charts, the 14-day Relative Strength Index (RSI) has also moved below its own resistance at 65.00.
At the time of writing, the price strength is currently at a reading of 61.89, not far from the support at 59.00.
BTC has already started to rebound from its previous lows, with the price now trading at $23,820.98 at the time of writing.
Ethereum
Ethereum (ETH) losses were more on the downside, with the price trading relatively close to the $1,700 mark.
After hitting 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 declined below the key $1,675 resistance at the current price point.
ETH/USD – Daily Chart
The decline failed to break out of the ceiling with the RSI at 60.00. It is currently tracking at 58.90.
However, on a positive note, the 10-day (red) moving average is no longer downtrending, with a bullish upside crossover likely to be on the cards.
Should this happen, 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 more consolidation this coming weekend? Leave your thoughts in the comments below.
Elijah Dumbbell
Image credits: shutterstock, pixabay, wikicommons
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