Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop as Key Resistance Levels Hold
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Following a mini rally this week, bitcoin (BTC), was back in the red on Friday, as the token slipped below a key resistance point.
The world’s largest cryptocurrency fell to an intraday low of $21,171.79, which is nearly $600 lower than Thursday’s high at $21,744.87.
Today’s decline comes as market sentiment once again shifted to bearish territory, following a breakout attempt at the $21,600 price ceiling.
Although BTC/USD did marginally climb beyond that point, bulls opted not to maintain earlier positions, choosing to secure gains instead.
This was a signal to bears, who reentered the market, and now look set to send bitcoin closer to a floor at $20,800.
As of writing, there is slight hope that today’s sell-off will ease, and this comes as the 14-day relative strength index (RSI) has hit a support level of 44.80.
Should this hold, then we could see BTC rally during the upcoming weekend