Bitcoin price closed below $100,000 support, may become a downtrend🔥🔥🔥
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The price of Bitcoin hit an all-time high of $108,353 on Tuesday, and then fell 7.8% in the next two days to close below the $100,000 support level. As of the time of writing on Friday, the price of Bitcoin is hovering around $97,500.
If BTC continues to pull back, it may extend the decline and retest the $90,000 support level.
The relative strength index (RSI) on the daily chart is below the neutral level of 50 at 49 and pointing downward, indicating bearish momentum. The moving average convergence divergence (MACD) indicator also showed a bearish crossover on Wednesday, indicating a downtrend.
However, if BTC recovers and closes above $100,000, it may extend the rally and retest its all-time high (ATH) of $108,353.
Ethereum bear market momentum strengthens
The Ethereum price suffered a setback near $4,000 on Monday and fell 14% over the next three days to close below the weekly line at $3,522. As of the time of writing on Friday, it is trading at around $3,450.
If the $3,522 level holds as resistance and ETH closes below $3,335, it will extend the correction to retest the next daily support at $3,029.
The RSI on the daily chart is below the neutral level of 42 of 50 and pointing to the downside, indicating strong bearish momentum.
If ETH breaks out and closes above the $3,522 level, it could extend the rally and retest its $4,000 level.
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