Bitcoin and ethereum were both trading lower to start the weekend, as crypto markets continued to face bearish pressures. The current uncertainty surrounding next week’s Federal Reserve meeting has seen prices consolidate for most of the week, with Saturday being no different.
Bitcoin
Bitcoin (BTC) was once again in the red during today’s session, as prices continued to trade below the key $40,000 level.
The world’s largest cryptocurrency dropped to a low of $38,235.54 to start the weekend, following a peak of $39,263.60 on Friday.
Saturday’s fall has seen the price continue to slowly approach the long-term support level of $37,570, which is a point that hasn’t been reached since March 13.
One reason why BTC bears haven’t yet captured this floor is due to the fact that the 14-day RSI continues to sit above its own support.
As of writing this, relative strength is tracking at 40.50, which is slightly above the ceiling of 40, and bears have likely avoided entering in huge nu
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