Bitcoin, Ethereum Technical Analysis: BTC Heads Lower on Saturday, as FTX Saga Continues

Bitcoin, Ethereum Technical Analysis: BTC Heads Lower on Saturday, as FTX Saga Continues

In a week of turbulence, cryptocurrencies maintain this sentiment into the weekend, with both bitcoin and ethereum moving lower. Bitcoin once again slipped below $17,000 on Saturday, as it was reported that a hack on FTX had taken place. Ethereum also moved lower today, as the token remained below $1,300. Bitcoin

Bitcoin (BTC) was back below $17,000 to start the weekend, as markets reacted to the latest news surrounding FTX.

It was reported that FTX had suffered a hack, which saw $600 million withdrawn from the collapsing platform.

In a week which has been dominated with FTX related news, crypto somewhat responded to the headlines, with BTC falling into the red as a result. BTC/USD – Daily Chart

BTC/USD dropped to an intraday low of $16,543.48 on Saturday, less than 24 hours after residing at a high of $17,480.18.

As can be seen from the chart above, the 14-day relative strength index (RSI) is currently tracking at 34.82, which is below a ceiling of 38.00.

Bulls hoping to move back towards $18,000 will likely need to force a breakout from the aforementioned resistance point. Ethereum

Ethereum (ETH) started the weekend below $1,300, with the token moving below a key support level.

Following a high of $1,301.80 on Friday, ETH/USD slipped to a bottom of $1,211.33 earlier in today’s session.

This drop in price saw the world’s second largest cryptocurrency fall below a floor of $1,225 on Saturday. ETH/USD – Daily Chart

Looking at the chart, the sell-off transpired as a downward crossover between the 10-day (red) and 25-day (blue) moving averages occurred.

As a result of this cross, some believe that ETH could be on its way to $1,000, with the possibility of further drops below this point.

Currently, the RSI is tracking at 40.82, with the next visible floor at the 38.15 point. Should price strength fail to hold at this level, the chances of the aforementioned plummet to $1,000 occurring will increase.

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Do you expect any further fallout from the FTX saga? Leave your thoughts in the comments below. Eliman Dambell

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. Biggest Movers: DOGE Surges Following Elon Musk Comments on the Meme Coin MARKET UPDATES | 9 hours ago Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFTX Reportedly Hacked as Telegram Group Admin Comments on Possible ‘Malware’ Present in Apps, Irregular Fund Movements Registered Onchain Next articleBiggest Movers: DOGE Surges Following Elon Musk Comments on the Meme Coin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

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