The Cryptocurrency market has experienced a decline in value, with the average price settling at just $25,000 on Friday. Following its recent surge, the global market capitalization dropped by 1.89%, indicating a consolidation of prices. Ethereum was the worse hit, losing $1,700 in the last 24 hours.
Bitcoin
Bitcoin (BTC), experienced a sharp decline below the $25,000 mark due to the market’s consolidation. The intraday low for BTC/USD was $23,460.76. This came a day after it reached a high of $25,134.12.
The failure to break the $24,200 resistance level appears to have caused the sell-off. The chart displays that the 14-day RSI pulled back from its resistance level of 65.00, to 61.89. Prices have started to recover and are now trading at $23,820.98.
Ethereum
Ethereum (ETH) was affected the most, with prices hovering around the $1,700 mark. After reaching an all-time high of $1,732.80 on Thursday, the ETH/USD exchange rate is now at $1,636.17.
The RSI failed to break the 60.00 ceiling, resulting in the decline. It is currently at 58.90. The 10-day moving average is not decreasing, so there is a chance of a bullish crossover.
