Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. The global cryptocurrency market cap is down 0.32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level.
Bitcoin (BTC) remained under the $17,000 level to start the weekend, as prices continued to consolidate despite earlier gains.
BTC/USD hit a high of $16,905.22 earlier in today’s session, which comes a day after price was at a bottom, at the $16,793.53 mark.
The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800.
As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) failed to break above a ceiling at 48.00.
The index is currently trading at 46.72, with bulls still attempting to push past the aforementioned point of resistance.
On the other hand, should price strength decline below a floor at 45.00, bitcoin will likely move towards the $16,000 level.
Following a low of $1,216.34 on Friday, ETH/USD raced to a peak of $1,227.00 earlier in today’s session.
As a result of today’s move, ethereum once again attempted to break out of a key ceiling at the $1,230 level.
Looking at the chart, the breakout did not occur, mainly due to the RSI also remaining below a ceiling of its own at 47.50.
As of writing, the index is tracking at 47.12, with momentum appearing to be bearish as a result of the direction of moving averages (MA).
The 10-day (red) MA extended its downward cross with its 25-day (blue) counterpart, which typically is a sign of price declines.
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Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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