BTC Consolidates Recent Losses to Start Weekend – Market Updates
Bitcoin consolidated recent losses on March 4 as cryptocurrency markets stabilized marginally after Friday’s sell-off. Prices plunged to a two-week low in yesterday’s session, however sentiment has changed somewhat. Ethereum also recovered and moved back into the countryside to start the weekend.
Bitcoin (BTC) consolidated Friday’s losses early in the weekend as market volatility eased in today’s session.
After yesterday’s low of $22,213.24, BTC/USD surged to an intraday high of $22,444.19 earlier in the day.
The move sees Bitcoin moving back above a long-term support point at $22,300 after Friday’s breakout.
In addition, the 14-day relative strengthindex (RSI) to have found a bottom which has helped moderate the decline in price strength.
At the time of writing, the index is trading at 42.89, which is slightly above the 42.00 support point
One area of concern for rising bulls is the imminent downside crossover of the 10-day (red) and 25-day (blue) moving averages, which could signal future declines.
Along with BTC, Ethereum (ETH) also settled down on Saturday as bearish momentum eased somewhat.
ETH/USD hit a high of $1,575.87 in today’s session, less than 24 hours after trading at a low of $1,552.45.
As a result of this recovery, the second largest rose cryptocurrency the world again above a price floor of $1,560.
However, this could be temporary as the 10-day moving average (red) is on the verge of a bearish cross with its 25-day counterpart (blue).
The RSI is now hovering at 45.21, which is relatively higher than yesterday’s low of 44.51 and comes as bulls rejected a break above the 44.00 floor.
If price strength moves away from this support point and approaches a resistance level at 48.00, there is a strong possibility that ETH will trade above $1,600.
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Could cryptocurrency markets move further into the green this weekend? Leave your thoughts in the comments below.
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Source: Crypto News Deutsch