• Bitcoin and Ethereum prices recovered from Friday’s sell-off, consolidating recent losses to start the weekend.
• BTC/USD rose above a long-term support point at $22,300 following yesterday’s low of $22,213.24.
• ETH/USD also rose above a price floor at $1,560 today, with bulls rejecting a breakout of 44.00 RSI support.
Bitcoin and Ethereum Recover From Sell-Off
Cryptocurrency markets marginally stabilized from Friday’s sell-off on March 4 as Bitcoin (BTC) and Ethereum (ETH) consolidated their recent losses to start the weekend. Prices plunged to a two-week low in yesterday’s session but sentiment has shifted slightly.
Bitcoin Consolidates Recent Losses
Following yesterday’s low of $22,213.24, BTC/USD rose to an intraday high of $22,444.19 earlier in the day. This move saw bitcoin return above its long-term support point at $22,300 after breaking out on Friday. Additionally, the 14-day relative strength index (RSI) appeared to have found a floor which helped ease the decline in price strength and is now tracking at 42.89 – marginally above its 42.00 support level.. A potential concern for aspiring bulls is the imminent downward crossover of the 10-day (red) and 25-day (blue) moving averages which could signal future declines.
Ethereum Recovers Into The Green
In addition to BTC’s recovery, ethereum (ETH) also settled on Saturday as bearish momentum seemed to wear off. ETH/USD hit a high of $1,575.87 less than 24 hours after trading at a low of $1,552.45; resulting in ETH reclaiming its price floor at $1,560 again today due to bulls rejecting a breakout of 44
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