Bitcoin Consolidates as Traders Secure Profits
The weekend started with Bitcoin consolidating its recent gains, prompting traders to secure their profits. The global market cap remained mostly unchanged, trading slightly lower at the time of writing. Ethereum also experienced a decline after reaching a one-month high on Friday.
Bitcoin Retreats from Ten-Day High
Bitcoin saw a retreat from its ten-day high as bulls decided to secure their profits. BTC/USD dropped to a low of $26,721.76 earlier in the day, shortly after peaking at $27,075.94. This pullback occurred as bulls failed to sustain a breakout above the $27,100 level. Additionally, the relative strength index (RSI) showed a failed break of the 58.00 resistance level, contributing to the downturn. Despite this consolidation, bulls are expected to make another attempt at reaching $27,000 over the weekend.
Ethereum Erases Recent Gains
Ethereum experienced a bullish run throughout the week, reaching a one-month high on Friday. However, these gains were erased as ETH/USD fell to a low of $1,657.68 after hitting $1,681.79 the previous day. The 10-day moving average is approaching a crossover with its 25-day counterpart. While momentum remains bullish, traders may face resistance near the 61.00 level on the RSI if they aim to push Ethereum towards $1,700. Currently, the index is at 60.01 and Ethereum is hovering just below the $1,680 price range.
Hot Take: Bitcoin and Ethereum Face Weekend Consolidation
The weekend brought consolidation for both Bitcoin and Ethereum as traders secured their gains from recent highs in the market. Bitcoin retreated from its ten-day high, while Ethereum erased its one-month gains. Bulls in both markets are expected to make further attempts at reaching key levels over the weekend. Bitcoin will likely aim for $27,000, while Ethereum may face resistance near $1,700. The consolidation phase presents an opportunity for traders to reassess market conditions and determine their next moves.
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