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BTC Heads Lower on Saturday, as FTX Saga Continues – Market Updates Bitcoin News

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

Bitcoin

Bitcoin (BTC) was again beneath $17,000 to begin 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It was reported that FTX had suffered a hack, which noticed $600 million withdrawn from the collapsing platform.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 per week which has been dominated with FTX associated information, crypto considerably responded to the headlines, with BTC falling into the purple as a end result.

BTC/USD – Daily 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 energy index (RSI) is at the moment monitoring at 34.82, which is beneath a ceiling of 38.00.

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

Ethereum

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

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

This drop in value noticed the world’s second largest cryptocurrency fall beneath a flooring of $1,225 on Saturday.

ETH/USD – Daily Chart

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

As a results of this cross, some imagine that ETH might be on its solution to $1,000, with the opportunity of additional drops beneath this level.

Currently, the RSI is monitoring at 40.82, with the following seen flooring on the 38.15 level. Should value energy fail to carry at this stage, the probabilities of the aforementioned plummet to $1,000 occurring will enhance.

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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. Currently, he acts as a commentator throughout varied asset courses, together with Crypto, Stocks and FX.




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