After price climbing above the $26,000 level earlier in the day, bitcoin bulls have retreated from earlier positions, sending prices lower in the process. The decline comes after price collided with a key resistance point. Ethereum has also slipped, after moving closer to $1,700.
Bitcoin
Volatility was back in cryptocurrency markets on Friday, as bitcoin (BTC) bulls pushed price above the $26,000 level.
BTC/USD peaked at $26,414.01 earlier in today’s session, however this was short lived, as price now sits at $25,795.12.
Today’s move was the highest BTC has hit since last Thursday, and came following a breakout of a ceiling at $26,400.
Looking at the chart, previous bulls seem to have immediately liquidated their positions after price moved beyond this point.
Additionally, the relative strength index (RSI) also hit a resistance level of its own at 45.00, before retreating to a current reading at 39.18.
Overall, this drop shows that market sentiment remains bearish, despite the slight spark seen earlier in the day.
Ethereum
Ethereum (ETH) also edged higher during Friday’s session, with bulls pushing price closer to the $1,700 level.
After trading at a low of $1,617.80 on Thursday, ETH/USD rallied to an intraday high of $1,657.30 earlier in the day.
Similar to bitcoin above, gains have since faded, with the world’s second largest cryptocurrency now trading at $1,626.05.
A failed move beyond a resistance zone of 40.00 seems to be one reason for the reversal, with the RSI now tracking at 37.41.
Should momentum continue to slip, a floor of 35.00 could provide a stable base, and if this fails, ETH could slip under $1,600.
Register your email here to get weekly price analysis updates sent to your inbox:
Will ethereum fall lower during the weekend? Leave your thoughts in the comments below.
