BTC Plunges Below $25,000 After Recent Surge – Market Updates
Bitcoin fell below $25,000 on Friday as markets turned into a consolidation after recent gains. Prices fell nearly $1,700 in the last 24 hours, with the global market capitalization for cryptocurrencies down 1.89% at the time of writing. Ethereum also fell after breaking through $1,700 on Thursday.
Bitcoin (BTC) fell sharply below a high above $25,000 on Friday as crypto markets went into consolidation.
BTC/USD fell to an intraday low of $23,460.76 during today’s session, which comes a day after hitting a high of $25,134.12.
The sell-off appears to have come as bitcoin bulls were unable to sustain a breakout above a $24,200 ceiling.
Looking at the chart, the 14-Day Relative Strength-index (RSI) also back below its own resistance level at 65.00.
As of this writing, price strength currently stands at 61.89 which is not too far from 59.00 support.
BTC has already started to recover from its previous lows, with prices now trading at $23,820.98 at the time of writing.
Ethereum’s fall from . (ETH) was rather subtle, with prices staying relatively close to the $1,700 level.
After hitting a high of $1,732.80 on Thursday, ETH/USD is currently trading at $1,636.17 in today’s session.
Similar to BTC, ETH fell below a key resistance level of $1,675 en route to its current price point.
The drop coincided with the RSI failing to break out of a ceiling at 60.00. It is currently hovering around 58.90.
On the positive side, however, the 10-day moving average (red) is no longer sloping down with the potential for a quick cross to the upside that is weak in sight.
If this occurs, there is a strong possibility that Ethereum will not only rally back above $1,700 but possibly closer to $1,800.
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Will we see further consolidation this coming weekend? Leave your thoughts in the comments below.
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Source: Crypto News Deutsch