Bitcoin consolidated on Friday, as prices hovered slightly below the $40,000 level. This follows a volatile trading day in which BTC fell to its lowest level since Wednesday. Ethereum also remained slightly above its recent support.
Bitcoin continued to trade at elevated levels of uncertainty on Friday after a few volatile sessions for the world’s largest cryptocurrency.
BTC/USD started the day around the $39,300 region, before falling to an intraday low of $38,347.43, which was then followed by a high of $40,081.68.
As of this writing, bitcoin is now slightly above its price at the start of the day and sits at $39,447.64.
Price volatility has intensified in recent days following US President Joe Biden’s executive order announcement, with Russia’s invasion of Ukraine also creating difficult market conditions for traders.
Looking at the moving averages, the 10 and 25 day moving averages continued to intertwine, without showing a clear directional path.
However, with prices near the $37,600 support, the bears may continue to target this point.
Although ETH declined on Friday, its price continued to trade near the $2,550 support point heading into the weekend.
ETH briefly fell below this support, sliding to an intraday low of $2,534.69 earlier in the session, but as it did throughout the sessions, this floor held firm, bouncing back to a high. high of $2,664.56.
As discussed yesterday, the bearish sentiment appears to be lingering with ETH as prices refuse to move away from the support region, which could eventually lead to a breakout.
If that happens, the $2,350 level could be a potential destination for bears looking to short the world’s second-largest cryptocurrency by market capitalization.
Will we finally see sustained price movement this weekend? Leave your thoughts in the comments below.
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