On Friday, Bitcoin dipped below the $25,000 threshold as markets entered a period of stabilization after recent advances. Prices dropped by approximately $1,700 on the previous day, and as of this writing, the market cap of all cryptocurrencies was down 1.89%. Following its Thursday breakthrough into the $1,700 range, Ethereum also fell.
Bitcoin
As cryptocurrency markets entered a period of stabilization on Friday, Bitcoin (BTC) plunged precipitously below a high over $25,000.
Today’s session saw BTC/USD decline to an intraday low of $23,460.76, following a day in which it reached a high of $25,134.12.
The failure of bitcoin bulls to hold a breakthrough of a ceiling at $24,200 appears to be what sparked the sell-off.
The 14-day relative strength index (RSI), as seen on the chart, has also fallen back below its own resistance level of 65.00.
Price strength is now at 61.89, which isn’t too far from a support of 59.00 as of this writing.
BTC prices have already started to rise from their previous lows; as of this writing, they are now trading at $23,820.98.
Ethereum
With prices still hovering around the $1,700 level, Ethereum’s (ETH) fall was more subdued.
The price of ETH/USD is presently trading at $1,636.17 in today’s session after reaching a high of $1,732.80 on Thursday.
Similar to BTC, ETH declined below $1,675—a significant barrier level—on the route to its present price.
The drop occurred at the same time that the RSI failed to surpass a ceiling at 60.00. The current tracking position is 58.90.
The 10-day (red) moving average is no longer downward facing, which raises the possibility of a quick upward cross, which is a bullish development.
If this happens, there is a good chance that Ethereum will climb back above $1,700 and perhaps even get close to $1,800.
