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
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.
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.
Ethereum
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.
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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