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 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.

Read:  10,000 bitcoins withdrawn from the wallet of the defunct crypto-currency exchange Wex, the former BTC-e

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


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.

Read:  Pro-Russian hacker group takes down Japanese government web portal

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.

The Best Online Bookmakers March 04 2024

BetMGM Casino