BTC Heads Decrease on Saturday, as FTX Saga Continues – Market Updates Bitcoin Information

Bitcoin News


In every week of turbulence, cryptocurrencies keep this sentiment into the weekend, with each bitcoin and ethereum shifting decrease. Bitcoin as soon as once more slipped under $17,000 on Saturday, because it was reported {that a} hack on FTX had taken place. Ethereum additionally moved decrease right now, because the token remained under $1,300.


Bitcoin (BTC) was again under $17,000 to start out the weekend, as markets reacted to the newest information surrounding FTX.

It was reported that FTX had suffered a hack, which noticed $600 million withdrawn from the collapsing platform.

In every week which has been dominated with FTX associated information, crypto considerably responded to the headlines, with BTC falling into the purple consequently.

BTC/USD – Each day Chart

BTC/USD dropped to an intraday low of $16,543.48 on Saturday, lower than 24 hours after residing at a excessive of $17,480.18.

As might be seen from the chart above, the 14-day relative power index (RSI) is at the moment monitoring at 34.82, which is under a ceiling of 38.00.

Bulls hoping to maneuver again in direction of $18,000 will doubtless must drive a breakout from the aforementioned resistance level.


Ethereum (ETH) began the weekend under $1,300, with the token shifting under a key assist stage.

Following a excessive of $1,301.80 on Friday, ETH/USD slipped to a backside of $1,211.33 earlier in right now’s session.

This drop in worth noticed the world’s second largest cryptocurrency fall under a ground of $1,225 on Saturday.

ETH/USD – Each day Chart

Wanting on the chart, the sell-off transpired as a downward crossover between the 10-day (purple) and 25-day (blue) shifting averages occurred.

On account of this cross, some consider that ETH may very well be on its technique to $1,000, with the opportunity of additional drops under this level.

At the moment, the RSI is monitoring at 40.82, with the following seen ground on the 38.15 level. Ought to worth power fail to carry at this stage, the possibilities of the aforementioned plummet to $1,000 occurring will improve.

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Eliman Dambell

Eliman brings an eclectic standpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At the moment, he acts as a commentator throughout numerous asset courses, together with Crypto, Shares and FX.

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