Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $ 30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $ 2,000 level during Saturday’s session.
On Saturday, bitcoin’s price fell below $ 30,000, as crypto bears returned to action the weekend.
Following a rise of about 10% during Friday’s session, BTC / USD fell to an intraday low of $ 28,860.79 earlier today.
Saturday’s decline comes after prices hit a peak of $ 30,924.80 yesterday, as LUNA has finally appeared in crypto irrelevancy.
However, as LUNA spiked by nearly 2,000% in today’s session, the volatility and general uncertainty in the markets were likely to contribute to BTC’s selloff.
Looking at the chart, the 14-day RSI is now trading lower, as it has fallen to a bottom of 25, which is a floor that has not been broken since late January.
Should this change, then we will be looking at trading Bitcoin closer to $ 25,000 in upcoming sessions.
The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $ 2,000 on Saturday.
ETH / USD dropped to a low of $ 1,964.65 on Saturday, which is about 7% lower than yesterday’s peak of $ 2,139.71.
As a result of today’s move, prices are now hovering close to a support level of $ 1,950, which was the starting point of Friday’s rally.
Similar to BTC, the 14-day Relative Strength Index on the Ethereum chart is also tracking around 25, which is its lowest point in over four months.
We have already seen prices of ETH fall to as low as $ 1,695 this week, and should the RSI continue to weaken, we may soon revisit these lows.
Overall, ETH is down 26% in the last seven days, with BTC trading about 20% lower in the same period.
Could we see these support levels broken this weekend? Leave your thoughts in the comments below.
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