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BTC and ETH Extend Last Drops on Saturday – Bitcoin News Market Update

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Bitcoin traded lower on Saturday, as cryptocurrency prices continued to trade in the red after the latest US Non-Farm Payrolls (NFP) report. The coin fell for the fourth day in a row, approaching a major support point in the process. Ethereum was also in the red, hitting a five-day low in the process.

Bitcoin

Bearish sentiment remains in Bitcoin (BTC) to kick off the weekend, as it continued to absorb the latest Nonfarm Payrolls (NFP) report.

After a better-than-expected jobs report, BTCThe USD/USD fell to an intraday low of 19,395.79 USD earlier in the day.

The move pushed the coin close to a key support point of $19,200, and as of writing, it is trading near its lowest level in six days.

BTC/ USD – daily chart

Looking at the chart, the 14-day RSI is also down, also approaching the 45.70 level.

Despite approaching this bottom, the 10-day moving average (red) recently surpassed its 25-day MA (blue), which is usually a sign of bullish momentum.

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should BTC Moving to its bottom of $19,200, there is likely to be an influx of bulls looking to buy this dip, driving prices higher as a result.

Ethereum

Ethereum (ETH) also for the fourth day in a row, with the token breaking a major support point in the process.

The world’s second largest cryptocurrency fell to a low of $1,321.75 on Saturday, a day after it peaked at $1,356.88.

As a result of today’s heavy selling, ETHThe US dollar fell below its support level of $1,330, and is currently trading at its lowest level since October 3.

ETH/ USD – daily chart

From the chart, the RSI now appears to be marginally higher from its low of 42.00, with the price trading at $1,328 as of this writing.

unlike BTCThere was no crossover between the moving averages, however, the trend lines seem to be getting closer to this point.

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Overall, even with the current market turmoil, it appears that the bulls are still aiming for a breakout of the $1,400 level.

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Could the Ethereum bulls return to work this weekend? Put your thoughts in the comments below.

Eleman Dambel

Offering an eclectic view of market analysis, Elleman was previously a brokerage director and retail educator. He currently works as a commentator across various asset classes, including Crypto, Stocks, and FX.

photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: 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 It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, 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.

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Cryptocurrency

‘Immoral and illegal from the start’

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at recent days an interview Michael Saylor, CEO of MicroStrategy and Bitcoin Home (BTC) Taurus, share his point of view on The Fall of the FTX Empire.

Saylor said that for years there has been a low-grade “boiling gang war” between the BTC community versus the cryptocurrency community over industry practices such as, what he repeatedly calls, “shitcoinery.”

In Saylor’s view, Sam Bankman-Fried was the “poster child” for the latter.

“There is something morally wrong about being able to issue your unregistered security. Sam and most people in the cryptocurrency world have always been guilty of the sin of shitcoinery.”

He attributes this behavior to his perceptions of the problems inherent in the crypto community, namely greed, arrogance, and stupidity.

From there, Saylor delved into what he calls a “demonic turn” in the FTX story, which entailed SBF generating billions of air tokens and issuing billions of dollars in loans from users’ funds.

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While a lot Expose the SBF story And his mismanagement of money, society is on reddit Saylor was praised for his clear explanation of the situation, along with a direct comparison of BTC.

One user wrote that while they didn’t care for Saylor otherwise, his explanation was one of the “best in all of the space.”

Related: The first bear market? Advice from Michael Saylor Thor Bitcoin

This wasn’t Sailor’s first comment about the FTX scandal. In the early days of the crash, he was among the first, along with Binance CEO Changpeng Zhao, to community urging To practice self-care.

The entire crypto community is waiting for the December 13 session, which will do Investigate the stock market crash. According to the committee presiding over the session, they expect that SBF and associated individuals to appear in court to testify on this date.

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