This week’s selloff in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session as the token’s price dipped below the $1,700 level to start the weekend.
Bitcoin (BTC) continued to reside in the red to start the weekend as prices for the world’s largest cryptocurrency fell below $22,000.
On Saturday, BTC/USD fell to an intraday low of $20,868.85 as the token approached a key support level.
This floor was at the $20,800 point, which was last reached on July 16, when prices were trading below $20,500.
Following the declines, the 14-day Relative Strength Index (RSI) fell to a low of 32.97, its lowest level since July 12.
Bitcoin prices have since rebounded and at the time of writing are back above $21,000. BTC is currently trading at $21,191.27.
Looking closer at the chart, we can see that the 10-day moving average (MA) (red) is approaching a downward cross with the 25-day MA (blue).
If this trend continues, it could signal further declines, with BTC likely falling below $20,000.
After a strong start to the week, Ethereum (ETH) started the weekend over $400 from Monday’s peak above $2,000.
ETH/USD, which fell to a low of $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.
This is the lowest level at which Ethereum has traded in the last sixteen days, after falling below the $1,600 level on August 4.
Focusing on the chart, it looks like ETH bears are trying to pull prices back towards a support point of $1,565.
However, bulls have so far resisted this possibility, pushing back past lows, with the token currently trading at $1,636.11.
The rebound came as the RSI bottomed out at 43.00 and at the time of writing the RSI sits at 44.90. If it moves back towards 50, we could see the token rally back above $1,700.
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Do you expect Ethereum to rally above $1,700 this weekend? Leave your thoughts in the comments below.
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