Sunday, July 14, 2024

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

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.

The latest decline coincides with the 10-day moving average (red) crossing below the 25-day moving average (blue), indicating a bearish trend.

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

Ethereum (ETH) traded above its own support level at $1,850 on Friday, showing a consolidating trend.

ETH/USD hit a bottom at $1,855.32 earlier in today’s session, just a day after reaching its peak at $1,878.43.

The price consolidation was accompanied by the RSI’s failure to surpass the current resistance level at 48.00.

At the time of writing, the RSI is on the verge of crossing this threshold, but the momentum remains relatively weak.

The market might experience some action later in the day, depending on traders’ reactions to the University of Michigan Consumer Sentiment report.

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What are your thoughts on the possibility of Ethereum dropping below $1,800 over the weekend? Share your opinions in the comments section.

Frequently Asked Questions (FAQs) about cryptocurrency

What is the current price and support level for Bitcoin?

As of the latest session, Bitcoin (BTC) is trading above $29,000, and it managed to hold firm despite increased market volatility. The support level to watch is around $29,200, as prices briefly dipped below it earlier in the day.

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?

The text does not provide a definitive answer to this question, as it seeks readers’ thoughts and opinions on the matter. The price analysis and market sentiment may play a role in determining Ethereum’s performance over the weekend.

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