BTC, ETH Move Lower on Black Friday – Market Updates Bitcoin News

BTC, ETH Move Lower on Black Friday – Market Updates Bitcoin News

Bitcoin was marginally lower on November 25, as markets returned to action after the US Thanksgiving holiday. Overall, the cryptocurrency markets were mostly in consolidation in today’s session, with the global market cap up 0.12% at the time of writing. Ethereum was also largely unchanged, with the token hovering below $1,200.

Bitcoin

Bitcoin (BTC) was largely unchanged on Friday as cryptocurrency markets consolidated following the US Thanksgiving holiday.

After a high of $16,641.32 on Thursday, BTC/USD fell to an intraday low of $16,388.40 earlier in today’s session.

Today’s decline saw a three-day winning streak snapped, with BTC moving closer to a recent support point at $16,200.

BTC/USD – Daily Chart

Looking at the chart, this comes as the 14-day Relative Strength Index (RSI) failed to break out of a ceiling of 41.00

The index is currently trading at 40.04, and neither bulls nor bears are taking hold of market sentiment.

However, should bulls manage to break out of the 41.00 resistance point, we could likely see BTC move towards $17,000.

Ethereum

Ethereum (ETH) was once again below $1,200 as the world’s second largest cryptocurrency also consolidated in today’s session.

ETH/USD fell to a low of $1,174.82 earlier in the day, which comes less than 24 hours after it hit a high of $1,203.98.

As a result of this drop, ETH/USD fell below the $1,180 support. However, as the day has gone on, the price has recovered.

ETH/USD – Daily Chart

Currently, ethereum is trading at $1,196.60, with RSI tracking at a level of 42.75, which is below a ceiling of 43.00.

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In addition to this, the 10-day (red) moving average is currently trending sideways, which appears to be a positive signal that the recent downward pressure has abated, for now.

Should this trendline begin to shift, we may see more ETH bulls return to the market, anticipating an uptrend.

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Could we see ETH reach $1300 before the end of the month? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, a former brokerage director and retail educator. Currently, he serves as a commentator across various asset classes including Crypto, Stocks and FX.




Image credit: Shutterstock, Pixabay, Wiki Commons

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