In a turbulent week, cryptocurrencies held onto this sentiment through the weekend, with both Bitcoin and Ethereum dropping. Bitcoin slipped below $17,000 again on Saturday after a reported FTX hack. Ethereum also fell today as the token remained below $1,300.
Bitcoin (Bitcoin) fell below $17,000 to start the weekend as the market reacted to the latest news surrounding FTX.
FTX was hit by a hack, reportedly withdrawing $600 million from the collapsed platform.
In a week dominated by FTX-related news, Crypto has reacted somewhat to the headlines. Bitcoin Falling into the red as a result.
BitcoinAfter reaching a high of $17,480.18, /USD fell to an intraday low of $16,543.48 on Saturday less than 24 hours later.
As you can see from the chart above, the 14-day Relative Strength Index (RSI) is currently hovering at 34.82, which is below the high end of 38.00.
Bulls hoping to return to $18,000 will need to break out of the aforementioned resistance points.
Ethereum (ethereum) started the weekend below $1,300, with the token falling below critical support levels.
Following Friday’s high of $1,301.80, ethereum/USD has fallen to the bottom of $1,211.33 before today’s open.
This price drop has pushed the world’s second-largest cryptocurrency below the $1,225 floor on Saturday.
Looking at the chart, a downward crossover occurred between the 10-day (red) and 25-day (blue) moving averages, resulting in a sell.
As a result of this cross, some believe that: ethereum It could be heading towards $1,000 and even below this point.
The RSI is currently tracking 40.82 with the next visible floor at 38.15 points. If price strength does not sustain at this level, his aforementioned plunge to $1,000 is likely to occur.
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Hoping for more influence from the FTX saga? Leave your thoughts in the comments below.
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