Bitcoin:
– Bitcoin experienced its biggest one-day decline since the collapse of FTX.
– BTC/USD dropped to a low of $25,668.92 on Saturday.
– Bitcoin remains close to a two-month low, with some traders targeting a breakout below $25,000.
– The relative strength index (RSI) is deep in bearish territory, with a current reading of 18.56.
– If there are further declines, the target will likely be a support point of $24,900.
Ethereum:
– Ethereum was marginally higher on Saturday, rebounding from a move below $1,600.
– ETH/USD fell to a bottom of $1,644.93 to start the weekend.
– Ethereum dropped to a low of $1,540 on Thursday, its weakest point since March 12.
– The 10-day moving average is now on a downward trend.
– Ethereum seems to have found a firm floor around the $1,660 level.
Hot Take:
Bitcoin and Ethereum both experienced declines over the weekend, with Bitcoin hitting a two-month low. The bearish trend is evident in the relative strength index for Bitcoin, while Ethereum’s moving average is on a downward trend. These developments suggest a cautious market for crypto investors. However, it remains to be seen if Bitcoin can break out below $25,000 and if Ethereum can maintain its floor around $1,660. Crypto readers should closely monitor these developments and adjust their investment strategies accordingly.
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