In a week of turbulence, cryptocurrencies maintain this sentiment into the weekend, with both bitcoin and ethereum moving lower. Bitcoin once again slipped below $17,000 Samedi, as it was reported that a hack on FTX had taken place. Ethereum also moved lower today, as the token remained below $1,300.
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Bitcoin
Bitcoin (BTC) was back below $17,000 to start the weekend, as markets reacted to the latest news surrounding FTX.
It was reported that FTX had suffered a hack, which saw $600 million withdrawn from the collapsing platform.
In a week which has been dominated with FTX related news, crypto somewhat responded to the headlines, avec BTC falling into the red as a result.
BTC/USD dropped to an intraday low of $16,543.48 Samedi, moins que 24 hours after residing at a high of $17,480.18.
As can be seen from the chart above, the 14-day relative strength index (IRS) is currently tracking at 34.82, which is below a ceiling of 38.00.
Bulls hoping to move back towards $18,000 will likely need to force a breakout from the aforementioned resistance point.
Ethereum
Ethereum (ETH) started the weekend below $1,300, with the token moving below a key support level.
Suite à un pic de $1,301.80 on Friday, ETH/USD slipped to a bottom of $1,211.33 earlier in today’s session.
This drop in price saw the world’s second largest cryptocurrency fall below a floor of $1,225 Samedi.
En regardant le graphique, the sell-off transpired as a downward crossover between the 10-day (red) and 25-day (blue) moving averages occurred.
As a result of this cross, some believe that ETH could be on its way to $1,000, with the possibility of further drops below this point.
Actuellement, le RSI suit à 40.82, with the next visible floor at the 38.15 point. Should price strength fail to hold at this level, the chances of the aforementioned plummet to $1,000 occurring will increase.
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Do you expect any further fallout from the FTX saga? Leave your thoughts in the comments below.
Crédits image: Shutterstock, Pixabay, Wiki Commons
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