Bitcoin kicked off the weekend by trading under $26,000, marking its most troubling week since the FTX collapse. The market mood turned negative after news broke that SpaceX had sold off its Bitcoin assets. Meanwhile, Ethereum’s value continued to languish below $1,700.

Bitcoin

As the weekend began, bears increasingly targeted Bitcoin (BTC), leading to its most significant single-day fall since the FTX fiasco.

The BTC/USD pair plummeted to a Saturday low of $25,668.92, occurring just under 24 hours from a prior high of $26,598.65.

Due to this sudden downturn, Bitcoin is now teetering close to a two-month low. Some investors are even eyeing a potential descent beneath the $25,000 threshold.

BTC/USD – Daily Chart

In the broader picture, the relative strength index (RSI) is entrenched in bearish terrain, registering a current level of 18.56. This is the first time price strength has dipped under 20.00 since January of the previous year, a period some associate with the start of the “crypto winter.”

If declines persist through the weekend, traders may focus on a support target of $24,900.

Ethereum

Ethereum (ETH), conversely, experienced a minor uptick on Saturday as it bounced back from a recent slump below $1,600.

After reaching Friday’s high of $1,695.45, ETH/USD declined to a weekend-starting low of $1,644.93.

On the preceding Thursday, Ethereum hit its lowest level since March 12 at $1,540, a point when it was trading under $1,459.

ETH/USD – Daily Chart

Currently, the 10-day (red) moving average is demonstrating a clear downward trend, following brief indications earlier in the week that it might be approaching an upward crossover.

At the time of writing, Ethereum appears to have established a solid base around the $1,660 mark.

You can register your email to receive weekly price analysis updates straight to your inbox:

Weekly Technical Analysis Report
Sign up

What are your thoughts on Ethereum’s potential rebound in the upcoming week? Share your opinions in the comments section below.

Frequently Asked Questions (FAQs) about fokus keyword: Technical Analysis

What happened to Bitcoin and Ethereum over the weekend?

Bitcoin faced its most significant one-day decline since the FTX collapse, with BTC/USD dropping to a low of $25,668.92. Ethereum (ETH), on the other hand, was marginally higher, rebounding from a recent move below $1,600. Both cryptocurrencies showed bearish trends.

How low did Bitcoin drop, and what is its current support target?

Bitcoin dropped to a low of $25,668.92 on Saturday. If declines persist, the target will likely be a support point of $24,900.

What is the current trend for Ethereum, and has it found support?

Ethereum’s 10-day moving average is on a downward trend. At the time of writing, Ethereum seems to have found a firm floor around the $1,660 level.

What is the significance of the relative strength index (RSI) for Bitcoin?

The RSI for Bitcoin is deep in bearish territory, with a current reading of 18.56. This is the first time it has tracked below 20.00 since January last year, marking a potentially significant bearish signal.

Did SpaceX’s liquidation of Bitcoin holdings affect the market?

Yes, market sentiment turned bearish following reports that SpaceX liquidated its Bitcoin holdings, contributing to the cryptocurrency’s worst week since the FTX collapse.

More about fokus keyword: Technical Analysis

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

4 comments

MikeJ August 19, 2023 - 11:04 pm

Great analysis here! Though I’m a bit confused about the RSI thing, can someone explain it to me.

Reply
Sara T. August 20, 2023 - 6:28 am

Ethereum seems to be doing better, why is that? And whats the deal with SpaceX selling their bitcoins – politics, or just a business move?

Reply
TomBaker99 August 20, 2023 - 3:36 pm

this kind of drop always scares me a bit!! should I sell or hodl

Reply
jenny_smith12 August 20, 2023 - 9:41 pm

Impressed by the details but some of the charts were a bit hard to understand also can anyone share their thoughts on eth rebounding.

Reply

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

Follow us

CryptokenTop

CrypTokenTop is a website dedicated to providing comprehensive information and analysis about the world of cryptocurrencies. We cover topics such as Bitcoin, Ethereum, NFTs, ICOs, and other popular crypto topics. Our mission is to help people learn more about the crypto space and make informed decisions about their investments. We provide in-depth articles, analysis, and reviews for beginners and experienced users alike, so everyone can make the most out of the ever-evolving world of cryptocurrency.

© 2023 All Right Reserved. CryptokenTop

en_USEnglish