Bearish sentiment returned to cryptocurrency markets on Saturday as Bitcoin once again slipped into the red. The world’s largest token moved lower at the start of the weekend after surging towards $20,000 yesterday. Ethereum was also in the red today, falling below $1,300 in the process.
Bitcoin (BTC) was in the red at the start of the weekend as bearish sentiment returned to cryptocurrency markets.
BTC was higher on Friday as market uncertainty eased following the latest US inflation report, but it seems like that turmoil has returned this weekend.
As a result, BTC/USD fell to an intraday low of $19,076.63 earlier in the day, less than 24 hours after hitting a high of $19,821.40.
Looking at the chart, the drop in price has brought the 10-day (red) moving average (MA) near an impending downside crossover with its 25-day (blue) counterpart.
In addition, the 14-day Relative Strength Index (RSI) is now back below the 50.00 level after failing to break above its 55.00 ceiling.
If this momentum falters further, we could see prices move towards a floor of $18,600.
Like Bitcoin, Ethereum (ETH) also traded lower at the start of the weekend, with the token’s prices dipping below $1,300.
After a move above the $1,330 ceiling on Friday, ETH/USD moved to a low of $1,280.18 at the start of today’s session.
The drop leaves the world’s second-largest cryptocurrency hovering slightly above its $1,275 bottom, which was last broken on Thursday.
On the day, the token fell to a low of $1,190, but prices recovered somewhat following the release of the US inflation report.
However, this rebound was short-lived as the RSI also fell back to a 38.00 floor.
If price strength wanes beyond this point, we could potentially see Ethereum drop below $1,200 again.
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What do you think caused bears to return to the market this weekend? Leave your thoughts in the comments below.
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