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 on Saturday, as it was reported that a hack on FTX had taken place. Ethereum also moved lower today, as the token remained below $1,300.
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It was reported that FTX had suffered a hack, which saw $600 million withdrawn from the collapsing platform.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, with BTC falling into the red as a result.
BTC/USD dropped to an intraday low of $16,543.48 on Saturday, less than 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 (RSI) 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 (ETH) started the weekend below $1,300, with the token moving below a key support level.
Following a high of $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 on Saturday.
Looking at the chart, 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.
Currently, the RSI is tracking at 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.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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