Bitcoin, Ethereum Technical Analysis: BTC Bulls End a 5-Day Losing Streak
Bitcoin ended a five-day losing streak on Friday, as the cryptocurrency appears to have found an interim price floor. This comes as traders continued to react to yesterday’s U.S. inflation report, which remained unchanged at 3.7%. Ethereum also edged marginally higher, following its own recent bear run.
Bitcoin (BTC) snapped a five-day winless run on Friday, as markets continued to react to the latest inflation report in the United States.
Following a low of $26,558.32 during Thursday’s session, BTC/USD climbed to an intraday peak of $26,919.04 earlier today.
Overall, today’s rebound in price came after BTC collided with the $26,560 level, with bulls using this as a floor, for now.
It appears that the longer-term point of support is at $26,000, however with the relative strength index (RSI) failing to move below the 45.00 level, price has yet to hit this zone.
Currently, the index is tracking at 46.41, since failing to breach its floor at 45.00, however bears could attempt to send this lower in the coming days.
Should this level hold, there is a possibility that bitcoin reenters the $27,000 level this weekend.
Ethereum (ETH) was marginally higher today, after it too rebounded from its own support level on Friday.
ETH/USD peaked at $1,553.51 during today’s session, which follows a bottom at the $1,523.24 mark the day prior.
Yesterday’s low was the weakest point that ethereum had hit since March 12, when price bottomed out at $1,612.
The 10-day (red) moving average has continued to extend its downward crossover with its 25-day (blue) counterpart, suggesting upcoming bearish sentiment.
Although the price is now above the floor at $1,535, there is a good chance that this could change in the coming days.
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Will bulls be able to resist the current downward pressure? Leave your thoughts in the comments below.