• Bitcoin (BTC) and Ethereum (ETH) prices continued to trend lower on Saturday, with ETH nearing a one-month low.
• Overall sentiment remained mostly bearish, with the global cryptocurrency market cap trading 0.96% lower, as of writing.
• BTC/USD and ETH/USD both failed to stay above their interim floors, pushing prices closer to a three-week low for bitcoin, and a month-low for ethereum.
Bitcoin Technical Analysis
Bitcoin (BTC) continued its downward descent on Saturday, as prices continued to hover near a three-week low. Following a high of $21,919.33 on Friday, BTC/USD bottomed out at a low of $21,539.39 earlier in the day. The 14-day relative strength index (RSI) moved away from a recent floor at 42.00 As of writing, the index is currently tracking at 46.35 with the next visible resistance level at the 50.00 mark. However momentum appears to be mostly bearish with the 10-day (red) moving average (MA) approaching an downwards cross with its 25-day (blue) counterpart.
Ethereum Technical Analysis
Etheruem (ETH) fell deeper into bearish territory on Saturday nearing a one-month low in the process . ETH/USD fell to an intraday low of $1,504.83 to start the weekend which comes after failing to stay above an interim floor at $1,550 . As a result of today’s drop Ethereum was trading at its weakest point since mid January when it dropped to 1 449 . The 10 day MA has lost all previous upwards momentum while the RSI continues tracks below 47 00 instead hovering at 6 week low 45 43 . As of writing ETH is slightly higher and currently tracking at 1523 17 however if it fails to climb beyond 47 00 zone , prices could move lower .
Global Cryptocurrency Market Cap Down
Overall sentiment remained mostly bearish , with global cryptocurrency market cap trading 0 96 % lower as of writing . This shift in sentiment has pushed moving averages lower across both Bitcoin and Ethereum charts , indicating further downside risk ahead for cryptocurrencies over coming weeks .
Analysis & Conclusion
What is behind this recent shift in market momentum? It appears that overall economic uncertainty coupled with increasing regulations have caused investor confidence in cryptocurrencies drop over past few weeks . Despite this , some investors see current levels as attractive entry points for long term investments given expected growth within sector over coming months once vaccine rollouts gain further traction worldwide allowing economies reopen fully again later year .
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