Crypto
Bitcoin, Ethereum Technical Analysis: BTC Heads Lower on Saturday, as FTX Saga Continues – Market Updates Bitcoin News
In per week of turbulence, cryptocurrencies keep this sentiment into the weekend, with each bitcoin and ethereum shifting decrease. Bitcoin as soon as once more slipped beneath $17,000 on Saturday, because it was reported {that a} hack on FTX had taken place. Ethereum additionally moved decrease right this moment, because the token remained beneath $1,300.
Bitcoin
Bitcoin (BTC) was again beneath $17,000 to begin the weekend, as markets reacted to the most recent information surrounding FTX.
It was reported that FTX had suffered a hack, which noticed $600 million withdrawn from the collapsing platform.
In per week which has been dominated with FTX associated information, crypto considerably responded to the headlines, with BTC falling into the purple because of this.
BTC/USD dropped to an intraday low of $16,543.48 on Saturday, lower than 24 hours after residing at a excessive of $17,480.18.
As could be seen from the chart above, the 14-day relative energy index (RSI) is presently monitoring at 34.82, which is beneath a ceiling of 38.00.
Bulls hoping to maneuver again in direction of $18,000 will possible have to pressure a breakout from the aforementioned resistance level.
Ethereum
Ethereum (ETH) began the weekend beneath $1,300, with the token shifting beneath a key assist degree.
Following a excessive of $1,301.80 on Friday, ETH/USD slipped to a backside of $1,211.33 earlier in right this moment’s session.
This drop in worth noticed the world’s second largest cryptocurrency fall beneath a flooring of $1,225 on Saturday.
Trying on the chart, the sell-off transpired as a downward crossover between the 10-day (purple) and 25-day (blue) shifting averages occurred.
Because of this cross, some consider that ETH could possibly be on its strategy to $1,000, with the opportunity of additional drops beneath this level.
At the moment, the RSI is monitoring at 40.82, with the subsequent seen flooring on the 38.15 level. Ought to worth energy fail to carry at this degree, the probabilities of the aforementioned plummet to $1,000 occurring will improve.
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