Bitcoin
Bitcoin (BTC) returned to the green on Saturday as traders rejected a breakout of a key price level. BTC/USD rose from a low of $29,253.52 to an intraday peak of $29,517.77. The consolidation comes after Bitcoin surged earlier this week following Moody’s downgrading the credit rating of several U.S. banks. The relative strength index (RSI) is currently tracking at 48.70, with earlier gains in BTC fading.
Main breakdowns of the content’s key points:
- Bitcoin rebounded on Saturday as traders rejected a key price level breakout.
- The consolidation follows Bitcoin’s surge earlier this week due to Moody’s credit rating downgrade.
- The RSI is currently at 48.70, indicating fading gains.
Ethereum
Ethereum (ETH) also saw a marginal increase, snapping a three-day losing streak. ETH/USD peaked at $1,855.07 during Saturday’s session, breaking Friday’s low. This is the first time since Tuesday that Ethereum has climbed higher, indicating the end of profit taking from this week’s high.
Main breakdowns of the content’s key points:
- Ethereum saw a marginal increase, ending a three-day losing streak.
- ETH/USD peaked at $1,855.07, breaking Friday’s low.
- The RSI is currently at 47.45.
Hot Take: Bitcoin and Ethereum both showed signs of recovery, with Bitcoin consolidating after a recent surge and Ethereum snapping a losing streak. However, the RSI levels indicate that gains may be fading. Keep an eye on the market for further developments.
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