Bitcoin started the weekend trading above $17,000, as traders prepare for next week’s U.S. Federal Reserve interest decision. Markets now expect that the Fed could continue hiking rates, following a higher than expected increase in producer prices. Ethereum mainly consolidated on Saturday, as prices moved back towards a key price floor.
Bitcoin (BTC) remained above the $17,000 level to start the weekend, despite crypto markets mostly consolidating.
BTC/USD fell to an intraday low of $17,100.84 during Saturday’s session, which comes a day after hitting a high of $17,280.55.
As a result of today’s decline, BTC continued to move below its recent resistance level of $17,200.
Looking at the chart, it now appears as if bitcoin could be moving towards a floor of $16,750, which comes as market volatility remains high today.
The turbulence came as the 14-day relative strength index (RSI) continued to move between a floor of 50.00 and a ceiling of 52.00.
In order for bulls to fully regain market sentiment, a breakout of the 52.00 mark must occur, which could then lead to the return of upwards momentum.
Like bitcoin, ethereum (ETH) also consolidated to start the weekend, with price moving close to a key point of support.
Following a peak of $1,290.06 on Friday, ETH/USD moved to a bottom of $1,260.82 earlier in the day.
As a result of today’s drop, the world’s second largest cryptocurrency moved closer to a recent floor of $1,230.
From the chart, it seems that today’s consolidation comes as bulls failed to break out of a resistance point at $1,300.
As of writing, ethereum now seems as though it is heading for its aforementioned floor at the $1,230 point.
This comes as the 10-day (red) moving average now appears to have halted recent gains, and is slowly shifting downwards.
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Will ethereum end the weekend below $1,200? Leave your thoughts in the comments below.
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