Prices of ETH and BTC were mainly unchanged to start the weekend, as market activity slowed, mainly due to the Easter holiday. Price consolidation comes after a week of bearish pressure that sent the world’s two largest cryptocurrencies towards key support levels.
Bitcoin
Bitcoin was once again trading marginally above the $40,000 level on Saturday, as markets remained quiet as a result of the Easter break.
BTC/USD rose to an intraday peak of $40,618.84 to start the weekend, following a low of $40,009.09 earlier in the session.
Recent price consolidation comes following a two-week streak which saw bitcoin lose close to $10,000 from its value.
Typically, following a bullish or bearish trend within a relatively short span of time, markets will consolidate, as they prepare for either an extension of the initial move, or a change of direction.
Looking at the chart, the 14-day RSI continues to track below a key resistance level at 44, which seems to be the main hurdle preventing a resurgence of BTC bulls.
If recent sentiment continues, we may see some further declines back towards $39,600 prior to any upcoming extended gains.
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