Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate

by Ilan Hazan
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Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate

Cryptocurrency markets consolidated on Friday, as bulls marginally pulled back following strong gains in yesterday’s session. Bitcoin fell slightly below $24,000, as prices were once again unable to move past a key ceiling. Ethereum was also lower, however continued to trade close to $1,900.

Bitcoin

Bitcoin (BTC) prices fell marginally lower on Friday, as crypto bulls retreated following strong gains during yesterday’s session.

The world’s largest cryptocurrency dropped to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the day prior.

Today’s decline came as BTC was unable to sustain a move above its resistance level of $24,600, with bears seemingly reentering at this point.


Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate

BTC/USD – Daily Chart

Looking at the chart, today’s decline coincided with the 14-day relative strength index (RSI) failing to break out of its own ceiling.

This resistance was at the 60.32 level, which last suffered a marginal break on July 19, however a full move above this point hasn’t occurred in over four months.

It seems as though this is the last obstacle in the way preventing bitcoin from surging to and beyond $25,000.

Ethereum

In addition to BTC, ethereum (ETH) was also trading slightly lower in today’s session, as prices of the world’s second-largest token moved slightly below $1,900.

Following a high of $1,905.49 on Thursday, ETH/USD moved to a bottom of $1,863.16 in today’s session.

Yesterday’s high was also a key resistance point for ethereum, and was the first time in over two months that prices had collided with this ceiling.


Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate

ETH/USD – Daily Chart

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

Looking at the chart, back on June 7, when ETH last hit this ceiling, prices went on to fall for twelve consecutive sessions, hitting a bottom below $900 in the process.

In addition to this, the RSI has also failed to move beyond its own resistance at 68, which seems to have been a signal to bears to reenter the market.

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Do you expect ethereum to fall lower this weekend? Leave your thoughts in the comments below.

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