BTC Consolidates Recent Losses to Start Weekend – Market Updates Bitcoin News

Bitcoin consolidated recent losses on March 4 as cryptocurrency markets stabilized slightly from Friday’s selloff. Prices fell to a two-week low in yesterday’s session, but sentiment has changed somewhat. Ethereum also recovered, returning to the green to start the weekend.


Bitcoin (BTC) consolidated Friday’s losses to start the weekend as market volatility eased in today’s session.

After yesterday’s low of $22,213.24, BTC/USD rose to an intraday high of $22,444.19 earlier in the day.

The move has Bitcoin back above a long-term support point at $22,300 after Friday’s breakout.

Bitcoin, Ethereum Technical Analysis: BTC consolidates recent losses to start the weekend
BTC/USD – Daily chart

Additionally, the 14-day Relative Strength Index (RSI) also appears to have found a bottom, which has helped ease the decline in price strength.

At the time of writing, the index is tracking at 42.89, which is just above the support point at 42.00

One area of ​​concern for aspiring bulls is the upcoming bearish crossing of the 10-day (red) and 25-day (blue) moving averages, which could be a signal for future declines.


In addition to BTCethereum (ETH) also settled on Saturday as the bearish momentum faded somewhat.

ETH/USD hit a high of $1,575.87 in today’s session, less than 24 hours after trading at a low of $1,552.45.

As a result of this bounce, the world’s second-largest cryptocurrency rose again above the $1,560 price threshold.

Bitcoin, Ethereum Technical Analysis: BTC consolidates recent losses to start the weekend
ETH/USD – Daily chart

However, this may be temporary as the 10-day (red) moving average is on the verge of a bearish cross with the 25-day (blue) double.

The RSI is now tracking at 45.21, which is relatively higher than yesterday’s low of 44.51, and comes as the bulls rejected a breakout of the 44.00 floor.

If the price force moves from this support point and closer to a resistance level at 48.00, there is a high probability that ETH will be over $1600.

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Elliman Dumbell

Elliman was previously a director of a London-based brokerage, while also teaching online trading. He currently comments on a variety of asset classes including crypto, equities and FX, while also being a startup founder.

Image credits: Shutterstock, Pixabay, Wiki Commons

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