BTC, ETH Lower on Saturday as Bears Re-enter Market – Market Updates – Bitcoin News

Bearish sentiment returned to the crypto markets on Saturday as Bitcoin was once again in the red. The world’s largest token moved lower to start the weekend, following yesterday’s rally towards $20,000. Ethereum also fell today, falling below $1,300 in the process.

Bitcoin

Bitcoin (BTC) was in the red to start the weekend as bearish sentiment returned to crypto markets.

BTC rose on Friday as market uncertainty subsided following the latest US inflation report, however it looks like this turmoil has returned this weekend.

As a result, BTC/USD fell to an intraday low of $19,076.63 earlier in the day, less than 24 hours after reaching a high of $19,821.40.

BTC/USD – Daily Chart

Looking at the chart, the drop in price has pushed the 10-day moving average (MA) (red) close to an impending downside crossover with its 25-day counterpart (blue).

Adding to this, the 14-day Relative Strength Index (RSI) is now back below the 50.00 mark, after failing to break above its 55.00 high.

If this momentum continues to taper off, we could see prices head towards a floor of $18,600.

Ethereal

Like bitcoin, ethereum (ETH) was also trading lower to start the weekend, with prices of the token dipping below $1,300.

Following a move above its high of $1,330 on Friday, ETH/USD moved to a low of $1,280.18 earlier in today’s session.

The drop sees the world’s second largest cryptocurrency hovering slightly above its $1,275 floor, which was last broken on Thursday.

ETH/USD – Daily Chart

On that day, the token fell to a low of $1,190, however, after the release of the US inflation report, prices recovered a bit.

However, this bounce has been short-lived, with the RSI also pulling back towards a 38.00 low.

If the price strength declines beyond this point, we could see Ethereum drop back below $1,200.

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What do you think has brought the bears back into the market this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having previously been a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




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