Bitcoin was trading close to its long-term support level during Saturday’s session, as the decline in crypto markets continued. The price of ETH was also lower to start the weekend, falling below $3,200 in the process.
Cryptocurrency markets were down by over 2% on Saturday, with BTC falling by the same amount to start the weekend.
On Saturday, BTC/USD was trading close to its $42,000 support level for the majority of the session, following an earlier low of $42,183.25.
This drop follows on from Friday’s intraday high of $43,903.02, however as volatility continued to rise, trades liquidated some positions, sending prices lower.
However, the drop fell short of breaking out of the floor, as the downward momentum eased, despite the moving averages nearing the point of a crossover.
Looking at the chart, momentum fell as we hit another key support point, this time in the form of the 14-day RSI, which saw the 43.55 floor hold firm.
Should this be broken, bears will likely look