BTC Drops On Saturday, As FTX Saga Continues – Market Updates Bitcoin News

BTC Drops On Saturday, As FTX Saga Continues – Market Updates Bitcoin News

In a week of turbulence, cryptocurrencies maintain this sentiment into the weekend, with both bitcoin and ethereum heading lower. Bitcoin once again fell below $17,000 on Saturday, when it was reported that a hack on FTX had taken place. Ethereum also moved lower today as the token stayed below $1,300.

Bitcoin

Bitcoin (BTC) was back below $17,000 to start the weekend as markets reacted to the latest news surrounding FTX.

It was reported that FTX had suffered a hack, which saw $600 million withdrawn from the collapsing platform.

In a week dominated by FTX-related news, crypto reacted somewhat to the headlines, with BTC falling into the red as a result.

BTC/USD – Daily Chart

BTC/USD fell to an intraday low of $16,543.48 on Saturday, less than 24 hours after hitting a high of $17,480.18.

As seen in the chart above, the 14-day relative strength index (RSI) is currently at 34.82, which is below a ceiling of 38.00.

Bulls hoping to move back towards $18,000 will likely need to force a breakout from the aforementioned resistance point.

Ethereum

Ethereum (ETH) started the weekend below $1,300, with the token moving below a key support level.

After a high of $1,301.80 on Friday, ETH/USD fell to a low of $1,211.33 earlier in today’s session.

This price drop saw the world’s second largest cryptocurrency fall below a floor of $1,225 on Saturday.

ETH/USD – Daily Chart

Looking at the chart, the selloff occurred as a bearish crossover between the 10-day (red) and 25-day (blue) moving averages.

As a result of this cross, some believe that ETH may be headed for $1000, with the possibility of further falls below this point.

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Currently, the RSI is tracking at 40.82, with the next visible floor at the 38.15 point. Should price strength not hold at this level, the chances of the aforementioned plunge to $1,000 occurring will increase.

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Do you expect further fallout from the FTX saga? 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 currencies.




Image credit: Shutterstock, Pixabay, Wiki Commons

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