Bearish sentiment returned to the crypto-currency markets on Saturday, as bitcoin was back in the red. The world’s largest token fell to start the weekend, after yesterday’s surge towards $20,000. Ethereum was also down today, falling below $1,300.
Bitcoin was in the red to start the weekend, as bearish sentiment returned to the crypto-currency markets. Bitcoin was higher on Friday as market uncertainty eased following the latest inflation report in the U.S., however it appears that this turbulence has returned this weekend.
As a result, BTC fell to an intraday low of $19,076.63 earlier in the day, less than 24 hours after hitting a high of $19,821.40.
Looking at the chart, the price decline has pushed the 10-day moving average (MA) (red) close to an impending downward crossover with its 25-day counterpart (blue). In addition, the 14-day Relative Strength Index (RSI) is now back below the 50.00 mark, after failing to break above its 55.00 ceiling.
If this momentum continues to decline, we could see prices head to a low of $18,600.
Like bitcoin, ethereum also traded lower to start the weekend, with prices for the token falling below $1,300. After a run above its $1,330 ceiling on Friday, ETH hit a low of $1,280.18 earlier in today’s session.
The decline sees the world’s second-largest crypto-currency hovering slightly above its $1,275 low, which was last broken on Thursday.
On that day, the token fell to a low of $1,190, but after the release of the U.S. inflation report, prices rebounded somewhat. However, this rebound was short-lived, as the RSI also fell back to a low of 38.00.
Should price strength decline beyond this point, we could potentially see ethereum fall below $1,200 once again.