Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate

Bitcoin, Ethereum Technical Analysis: BTC Hovers Below $24,000 on Friday, as Crypto Markets Consolidate

Cryptocurrency markets consolidated on Friday, as bulls marginally pulled back following strong gains in yesterday’s session. Bitcoin fell slightly below $24,000, as prices were once again unable to move past a key ceiling. Ethereum was also lower, however continued to trade close to $1,900. Bitcoin

Bitcoin (BTC) prices fell marginally lower on Friday, as crypto bulls retreated following strong gains during yesterday’s session.

The world’s largest cryptocurrency dropped to an intraday low of $23,828.59 in today’s session, which comes after a high of $24,822.63 the day prior.

Today’s decline came as BTC was unable to sustain a move above its resistance level of $24,600, with bears seemingly reentering at this point. BTC/USD – Daily Chart

Looking at the chart, today’s decline coincided with the 14-day relative strength index (RSI) failing to break out of its own ceiling.

This resistance was at the 60.32 level, which last suffered a marginal break on July 19, however a full move above this point hasn’t occurred in over four months.

It seems as though this is the last obstacle in the way preventing bitcoin from surging to and beyond $25,000. Ethereum

In addition to BTC, ethereum (ETH) was also trading slightly lower in today’s session, as prices of the world’s second-largest token moved slightly below $1,900.

Following a high of $1,905.49 on Thursday, ETH/USD moved to a bottom of $1,863.16 in today’s session.

Yesterday’s high was also a key resistance point for ethereum, and was the first time in over two months that prices had collided with this ceiling. ETH/USD – Daily Chart

As a result of this, bearish pressure resurfaced, sending the token back below the $1,905 level, which as seen on the chart is a significant point of uncertainty.

Looking at the chart, back on June 7, when ETH last hit this ceiling, prices went on to fall for twelve consecutive sessions, hitting a bottom below $900 in the process.

In addition to this, the RSI has also failed to move beyond its own resistance at 68, which seems to have been a signal to bears to reenter the market.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect ethereum to fall lower this weekend? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: ETC Nears 4-Month High, LINK Hits Highest Point Since June MARKET UPDATES | 8 hours ago Biggest Movers: ATOM Climbs to Highest Point Since May, While SOL Rises by Over 10% MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePopularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says Next articleNexus Dubai (NXD) Project Obtains First Cryptocurrency Exchange License in Dubai 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 ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms