Bitcoin (BTC) experienced a drop below the $31,000 level on Saturday, as cryptocurrency markets consolidated to start the weekend. The global market cap was down by 0.52% at the time of writing, with traders seemingly securing gains following this week’s gains. Yesterday’s peak saw bitcoin climb to its highest level since June 7, which has prompted bulls to secure gains. The decline in price comes as the 14-day relative strength index (RSI) collided with a ceiling at 71.00. If the RSI drops below 70.00, there is a good chance that even more bulls could vacate earlier positions to protect recent profits.
Although relatively lower than Friday’s high, Ethereum (ETH) remained above $2,100 in Saturday’s session. ETH/USD fell to an intraday bottom at $2,049.08 earlier in the day, however, has since recovered and is currently trading at $2,103.18. This is marginally lower than yesterday’s peak of $2,120.59, which saw ETH trade at its strongest point since last May. Similar to bitcoin, ethereum, which is the world’s second-largest cryptocurrency, has collided with a ceiling on the RSI indicator. The aforementioned point of resistance at 75.00 was hit on Friday, with the index now tracking at 74.88. Should ethereum bulls move beyond this point, there is a possibility that prices could head closer to $2,200 this weekend.
As the crypto market consolidates, traders are looking to secure gains after a week of upward momentum. Bitcoin’s decline below $31,000 has prompted some to protect recent profits, with the 14-day RSI hitting a ceiling at 71.00. Ethereum has remained above $2,100, with bulls potentially pushing prices closer to $2,200 if they move beyond the point of resistance at 75.00 on the RSI. It remains to be seen whether the market will continue to consolidate or if there will be a shift in momentum in the coming days.