Bitcoin consolidated on Friday, as prices hovered marginally below the $40,000 level. This comes following a volatile day of trading in which BTC fell to its lowest point since Wednesday. Ethereum also remained slightly above its recent support.
Bitcoin continued to trade at high levels of uncertainty on Friday, following a volatile few sessions for the world’s largest cryptocurrency.
BTC/USD started the day around the $39,300 region, before falling to an intraday low of $38,347.43, which then was followed by a high of $40,081.68.
As of writing, bitcoin is now slightly above its price at the start of the day, and is tracking at $39,447.64.
Price volatility has heightened in recent days following the news of U.S. President Joe Biden’s executive order, with the Russian invasion of Ukraine also creating uneasy market conditions for traders.
Looking at the moving averages, both the 10-day and 25-day moving averages continued to intertwine with one another, without showing any clear directional path.
However, with prices being close to the support of $37,600, bears may continue to target this point.
Although ETH was lower on Friday, its price continued to trade close to the support point of $2,550 heading into the weekend.
ETH briefly fell below this support, slipping to an intraday low of $2,534.69 earlier in the session, however as it has in sessions passed, this floor held firm, bouncing to a high of $2,664.56.
As discussed yesterday, bearish sentiment seems persistent with ETH, as prices refuse to move away from the region of support, which could eventually lead to a break out.
Should this happen, the $2,350 level could be a potential destination for bears looking to short the world’s second-largest cryptocurrency by market cap.
Tags in this storyAnalysis, Bitcoin, BTC, ETH, Ethereum
Will we finally see a sustained movement in price this weekend? Leave your thoughts in the comments below.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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