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Bitcoin started the weekend hovering around $23,000 as markets continued to react to data on personal consumption in the United States. Figures released on Friday showed that spending fell 0.2% last month, despite general consumer sentiment. At the start of the day, Ethereum remained close to $1,600.
Bitcoin
Bitcoin ( BTC ) remained close to the $23,000 level on Saturday as markets continued to react to Friday's US personal consumption data.
After hitting a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This came as Bitcoin once again failed to break above the key $23,500 resistance level, leading to a resumption of bearish sentiment.
BTC /USD - Daily Chart
In addition to this, the 14-day Relative Strength Index (RSI) has broken below the 80.00 mark and looks headed for 76.00.
If the momentum continues to the downside, it is likely that BTC will face the $22,400 low.
The index is currently tracking at 78.59 and BTC /USD is trading at $22,930.60.
Ethereum
After briefly breaking above $1,600 on Friday night, Ethereum ( ETH ) started the weekend back below that level.
ETH /USD fell to a low of $1,568.69 on Saturday, less than a day after reaching a peak of $1,617.00.
Ethereum volatility has increased in recent days after a failed attempt to break the $1,645 level earlier this week.
ETH /USD - daily chart
After several weeks of being overbought, price strength has started to decline and the 14-day RSI is now below the low of 63.00
At the time of writing, the index is at 62.50, Ethereum is at $1,582, and the minimum target for sellers is $1,550. Author: GEximius
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