BTC holds below $24,000 on Friday as crypto markets consolidate

Bitcoin fell slightly below $24,000, with prices once again unable to break through a key ceiling. Ethereum was also down, but continued to trade near $1,900.

Bitcoin

Bitcoin fell slightly on Friday, with bulls pulling back after posting strong gains in yesterday’s session. The world’s largest crypto-currency fell to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the previous day.

Today’s drop came as BTC was unable to sustain a move above its $24,600 resistance level, with bears seemingly returning to that point.

BTC – Daily Chart

Looking at the chart, today’s decline coincided with the 14-day Relative Strength Index (RSI) failing to break through its own ceiling. This resistance was at the 60.32 level, which had a marginal breakout on July 19, but no complete move above this point has occurred in over four months.

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This appears to be the last hurdle preventing bitcoin from soaring to and above $25,000.

Ethereum

Ethereum was also trading slightly lower in today’s session, with prices for the world’s second largest token moving slightly below $1,900.

After peaking at $1,905.49 on Thursday, ETH hit a low of $1,863.16 in today’s session.

Yesterday’s high was also a key resistance point for ethereum, and it was the first time in two months that the price had hit that ceiling.

ETH- Daily Chart

As a result, bearish pressure has resurfaced, sending the token back below the $1,905 level, which, as seen on the chart, is an important point of uncertainty.

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Looking at the chart, on June 7, when ETH after hitting this ceiling, prices continued to fall for twelve consecutive sessions, bottoming below $900 in the process.

On top of that, the RSI also failed to break above its own resistance at 68, which seems to have been a signal to the bears to re-enter the market.

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