The crypto market returned to bearish sentiment on Saturday as Bitcoin once again fell into the red. The world’s largest token fell to start the weekend following yesterday’s surge to $20,000. Ethereum also dropped today, dropping below $1,300 in the process.
Bitcoin (Bitcoin) was in the red early in the weekend as bearish sentiment returned to crypto markets.
Bitcoin It rose on Friday as market uncertainty eased following the latest US inflation report, but this turbulence appears to have returned this weekend.
as a result, Bitcoin/USD fell to intraday lows of $19,076.63 earlier in the day less than 24 hours after peaking at $19,821.40.
Looking at the chart, the 10-day (red) moving average (MA) is approaching an imminent downward crossing with the 25-day (blue) moving average due to the price drop.
In addition to this, the 14-day Relative Strength Index (RSI) is now below the 50.00 mark after failing to break above the 55.00 cap.
If this momentum continues to dwindle, the price could move towards the lower end of $18,600.
Like Bitcoin, Ethereum (ethereum) has also fallen towards the start of the weekend, with the token price below $1,300.
After crossing the $1,330 cap on Friday, ethereum/USD moved to the lows of $1,280.18 early in today’s session.
The drop has pushed the world’s second-largest cryptocurrency just above the $1,275 lower limit last broken on Thursday.
The token fell to a low of $1,190 that day, but the price rebounded slightly after the US inflation report was released.
However, this rebound is short-lived and the RSI is also dropping towards the 38.00 floor.
If the price strength subsides past this point, Ethereum could sink below $1,200 again.
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What do you think caused the bears to re-enter the market this weekend? Leave your thoughts in the comments below.
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