Friday’s move saw the token fall on a key support point in the process. Ethereum was also in the red in today’s session, with prices falling for a fourth consecutive day.
Bitcoin slipped back into the red on Friday, as the U.S. dollar continued to strengthen against several G7 currencies. After peaking at $19,315.20 during Thursday’s session, BTC slipped to an intraday low of $18,945.48 earlier today.
The move pushed the token’s prices toward a key support point of $18,900, while price strength also declined.
Looking at the chart, the 14-day relative strength index (RSI) collided with a low of 40.50, and at the time of writing, it is expected to move below 40.00. The 10-day moving average (red) has also extended its downtrend, which could be a sign of further bearish sentiment.
If the RSI continues to fall, it is quite possible that the downtrend will continue. Bitcoin could trade below $18,000 this weekend.
In addition to bitcoin, ethereum also went back into the red during today’s session, falling below $1,300 in the process. Today’s sell-off saw ETH drop to a low of $1,260.61, falling below a key price floor in the process.
The aforementioned support level in this case was the $1,270 point, which was last broken on October 13.
At that time, prices of the world’s second-largest crypto-currency fell below $1,200, and it looks like the bears may be targeting a similar drop again.
The next visible floor appears to be the $1,220 price floor, which could be reached if the RSI hits its own bottom of 36.70.