{"id":18324,"date":"2023-03-04T13:52:31","date_gmt":"2023-03-04T13:52:31","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-consolidates-recent-losses-to-start-the-weekend-market-updates-bitcoin-news\/"},"modified":"2023-03-04T13:52:31","modified_gmt":"2023-03-04T13:52:31","slug":"btc-consolidates-recent-losses-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-consolidates-recent-losses-to-start-the-weekend-market-updates-bitcoin-news\/","title":{"rendered":"BTC Consolidates Recent Losses to Start the Weekend\u00a0 \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

Bitcoin consolidated recent losses on March 4, as cryptocurrency markets marginally stabilized from Friday\u2019s sell-off. Prices plunged to a two-week low in yesterday\u2019s session, however sentiment has somewhat shifted. Ethereum also recovered, moving back into the green to start the weekend. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) consolidated Friday\u2019s losses to start the weekend, as market volatility eased in today\u2019s session.<\/p>\n

Following yesterday\u2019s low of $22,213.24, BTC<\/a>\/USD rose to an intraday high of $22,444.19 earlier in the day.<\/p>\n

The move sees bitcoin move back above a long-term support point at $22,300, following Friday\u2019s breakout.<\/p>\n

\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Additionally, the 14-day relative strength index (RSI) has also appeared to have found a floor, which has helped ease the decline in price strength.<\/p>\n

At the time of writing, the index is tracking at 42.89, which is marginally above the support point at 42.00<\/p>\n

One area of concern for aspiring bulls is the imminent downward crossover of the 10-day (red) and 25-day (blue) moving averages, which could be a signal to future declines.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) also settled on Saturday, as bearish momentum somewhat wore off.<\/p>\n

ETH<\/a>\/USD hit a high of $1,575.87 in today\u2019s session, less than 24 hours after trading at a low of $1,552.45.<\/p>\n

As a result of this rebound, the world\u2019s second largest cryptocurrency rose back above a price floor at $1,560.<\/p>\n

\"Bitcoin,
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

This could be temporary, however, with the 10-day (red) moving average on the brink of a downwards cross with its 25-day (blue) counterpart.<\/p>\n

The RSI is now tracking at 45.21, which is relatively higher than yesterday\u2019s bottom at 44.51, and comes as bulls rejected a breakout of the 44.00 floor.<\/p>\n

Should price strength move from this point of support, and closer to a resistance level at 48.00, there is a strong possibility that ETH<\/a> will be above $1,600.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Could cryptocurrency markets move further into the green this weekend? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n