Ethereum also continued its descent in today’s session, with the token’s price falling below the $1,700 level to start the weekend.
Bitcoin continued to reside in the red to start the weekend, as prices for the world’s largest crypto-currency fell below $22,000.
On Saturday, BTC falls to an intraday low of $20,868.85 as the token approaches a key support level. This floor is at the $20,800 level, which was last seen on July 16, when prices were trading below $20,500.
As a result of these declines, the 14-day Relative Strength Index (RSI) dropped to a low of 32.97, which is its lowest level since July 12. Bitcoin prices have since rebounded and, at the time of writing, are back above $21,000. BTC is currently trading at $21,191.27.
Looking closer at the chart, we can see that the 10-day moving average (MA) (red), is close to a downward crossover with the 25-day MA (blue).
Should this trend continue, it could signal further declines, with BTC likely to fall below $20,000.
After a strong start to the week, ethereum started the weekend trading over $400 from Monday’s peak above $2,000.
ETH, which fell to a low of $1,695.15 on Friday, dropped even lower in today’s session, hitting a low of $1,611.34.
This is the lowest level at which ethereum has traded in the past 16 days, after falling below $1,600 on August 4.
Focusing on the chart, it appears the bears are attempting to take price towards a support point of $1,565. However, the bulls have so far resisted this possibility, pushing off previous lows, with the token currently trading at $1,636.11.
The bounce came as the RSI bottomed at 43.00, and at the time of writing, the RSI is at 44.90. If it gets closer to 50, we could see the chip move back above $1,700.