Bitcoin, Ethereum Technical Analysis: BTC Falls on Saturday, Following Brief Spell Above $27,000

Bitcoin retreated from a brief spell above $27,000 on Saturday, as uncertainty in the market remained high to start the weekend. The global cryptocurrency market was marginally higher to start the weekend, trading 0.42% higher as of writing. Ethereum continued to consolidate above a recent floor of $1,535.

Bitcoin

Bitcoin (BTC) retreated below the $27,000 level to start the weekend, after a late surge in price on Friday.

Following a low of $26,686.32 earlier in Friday’s session, BTC/USD peaked at a high of $27,092.70 as the day progressed.

Although BTC has since slipped, and is currently trading at $26,866.74, it is still higher than yesterday’s bottom.

The consolidation comes as the relative strength index (RSI) continues to hover above a floor at the 45.00 mark.

Whilst now tracking at 46.72, the next target is likely to be at a ceiling of 50.00, and if hit, bitcoin will be back above $27,000.

Overall, bitcoin is trading 4% lower than at the same point last week.

Ethereum

Ethereum (ETH) is largely unchanged at the time of writing, as the cryptocurrency consolidated to start the weekend.

ETH/USD reached a high of $1,571.75 on Friday, however has since fallen to a current reading of $1,546.80.

This is slightly higher than yesterday’s low at $1,538.09, which was marginally above a support point at $1,535.

The drop in price coincides with the RSI failing to breach its own point of resistance at the 40.00 mark.

Currently, price strength is at the 37.46 level, with the 10-day moving average continuing to trend downwards.

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Could ethereum fall under $1,700 this weekend? Leave your thoughts in the comments below.

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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: BTC Falls on Saturday, Following Brief Spell Above $27,000
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-falls-on-saturday-following-brief-spell-above-27000/
Published Date: Sat, 14 Oct 2023 12:07:17 +0000

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