Despite heightened market volatility, Bitcoin managed to maintain its position above the crucial support level of $29,000 on Friday. Bears attempted to push the price below this level, but the cryptocurrency resisted the downward pressure. In contrast, Ethereum experienced a relatively stable session and remained mostly unchanged.
Bitcoin (BTC) stayed above the $29,000 mark on Friday, even though the selling pressure intensified during the session.
The cryptocurrency reached a peak of $29,520.71 on Thursday but later dropped to an intraday low of $29,099.35 earlier today.
During this move, Bitcoin briefly slipped below the support point at $29,200, but it eventually managed to climb back above this level.
Furthermore, the relative strength index (RSI) approached a breakdown below the critical level of 41.00, but it managed to avoid this scenario, at least for the time being.
If the RSI does break below 41.00, the next likely target for Bitcoin could be $28,000.
Ethereum (ETH) traded above its own support level at $1,850 on Friday, showing a consolidating trend.
At the time of writing, the RSI is on the verge of crossing this threshold, but the momentum remains relatively weak.
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Frequently Asked Questions (FAQs) about cryptocurrency
What is the current price and support level for Bitcoin?
What is the current price and resistance level for Ethereum?
Ethereum (ETH) is currently trading above $1,850 and has been relatively stable during the session. It encountered resistance around $1,855 to $1,860, which the Relative Strength Index (RSI) failed to surpass.
What are the recent price movements for Bitcoin and Ethereum?
Bitcoin experienced some downward pressure, dropping from a peak of $29,520.71 to an intraday low of $29,099.35. Ethereum also showed fluctuations, reaching a high of $1,878.43 and later dipping to $1,855.32.
What indicators suggest a bearish trend for Bitcoin?
The 10-day moving average (red) has crossed below the 25-day moving average (blue) for Bitcoin, indicating a bearish trend. Additionally, the Relative Strength Index (RSI) is nearing a potential breakdown below the critical level of 41.00.
Is there a possibility for Ethereum’s price to drop below $1,800 this weekend?
More about cryptocurrency
- Bitcoin Price Chart: TradingView
- Ethereum Price Chart: TradingView
- Relative Strength Index (RSI) Explained: Investopedia
- University of Michigan Consumer Sentiment Index: University of Michigan
- Weekly Technical Analysis Report: Subscribe here (Note: The link is not provided in the original text)