After surpassing $20,000 on Friday, Bitcoin returned to the red on Saturday as the price approached a critical support point. increased by 0.87%. Ethereum also fell earlier in the weekend.
Bitcoin (Bitcoin) fell below $20,000 at the start of the weekend as bearish sentiment returned after a brief rally late Friday.
Following the release of the University of Michigan Consumer Sentiment Report in September, which showed an improvement from the previous month, Bitcoin It surged to a peak of $20,109.85.
On Saturday, however, the token fell to an intraday low of $19,238.12, breaking below the $19,300 lower bound in the process.
Looking at the chart, we see this move as the 14-day Relative Strength Index (RSI) continues to break away from the 49.00 ceiling.
As of this writing, the index is tracking 45.45, which is close to another support point near the 44.00 region.
If this floor holds firm, we will likely see a rebound as Bitcoin bulls could not only push the price back to $20,000, but could also cross this point.
Ethereum (ethereum) also traded lower early in the weekend as bullish sentiment from yesterday’s consumer sentiment data quickly faded.
Since yesterday’s session peaked at $1,368.74, ethereum/USD fell to a low of $1,320.38 earlier in the day.
As a result of this plunge, the world’s second-largest cryptocurrency fell below its support point of $1,330.
The token is currently trading at $1,325.36 and the bulls are trying to break out of this current resistance point.
Similar to Bitcoin, Ethereum’s 14-day RSI has also corrected and remains below the 41.00 cap at the time of writing.
The 10-day (red) moving average appears to be in a final rebound position, which could only happen if the RSI indicator tops out.
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Will we see Ethereum come out of this point this weekend? Leave your thoughts in the comments below.
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