After moving above $20,000 on Friday, bitcoin was back in the red on Saturday as prices fell close to a key support point. As a result of this move, the token has remained largely flat over the past week, with the price up 0.87% over the past seven days. Ethereum was also lower at the start of the weekend.
Bitcoin
Bitcoin (BTC) fell below $20,000 earlier in the weekend as bearish sentiment returned after a brief rally late Friday.
BTC surged to a high of $20,109.85 following the release of the University of Michigan consumer sentiment report for September, which showed an improvement over the previous month.
On Saturday, however, the token slipped to an intraday low of $19,238.12, falling below its $19,300 bottom.
BTC/USD daily chart
Looking at the chart, the move comes as the 14-day Relative Strength Index (RSI) is moving further away from its 49.00 ceiling.
As of this writing, the index is hovering at 45.45, which is close to another support point near the 44.00 region.
If this bottom holds, there is a strong possibility that we could see a rebound, with bitcoin bulls not only taking the price back to $20,000, but potentially surpassing that point.
ether
Ethereum (ETH) was also trading low at the start of the weekend as the optimistic sentiment of yesterday’s consumer sentiment data quickly faded.
Since hitting a high of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.
As a result of this sell-off, the world’s second largest cryptocurrency fell below its $1,330 support point.
ETH/USD daily chart
Currently, the token is trading at $1,325.36 with bulls attempting to scale above this current resistance point.
As with Bitcoin, the 14-day Ethereum RSI is also consolidating and floating below a ceiling 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 not materialize until 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.
Elijah Dambell
Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.
Photo credits: Shutterstock, Pixabay, Wiki Commons
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