Crypto Market Flux: Bitcoin and Ethereum Struggle Near $23K and $1.6K

-Bitcoin started the weekend hovering near $23,000 as markets continued to react to personal consumption data in the US.
-Ethereum remained close to $1,600 to start the day.
-Volatility in Ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week.

The cryptocurrency market has been in a state of flux in recent weeks, with Bitcoin (BTC) and Ethereum (ETH) both experiencing significant price movements. On Saturday morning, Bitcoin was hovering around the $23,000 mark, while Ethereum was trading around the $1,600 level.

The price of Bitcoin has been particularly volatile in the past few days, reaching a high of $23,417.72 on Friday, before dropping back down to an intraday low of $22,880.60. This comes as Bitcoin has been unable to break out of a key resistance level at $23,500, prompting a resurgence of bearish sentiment. The 14-day Relative Strength Index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00. If Bitcoin’s downward momentum continues, it is likely that the BTC/USD pair will encounter a floor at $22,400.

Meanwhile, Ethereum (ETH) briefly moved back above $1,600 on Friday, before dropping back down to a low of $1,568.69 on Saturday. This follows a failed breakout attempt of the $1,645 resistance level earlier this week. The 14-day RSI has now fallen below its floor at 63.00, with a floor at $1,550 potentially in sight for sellers.

Overall, the combination of recent US personal consumption data and the failed breakout of key resistance levels has led to a decrease in price strength for both Bitcoin and Ethereum. With this in mind, traders should continue to monitor the cryptocurrency market closely in the coming days, as any further developments could have a significant impact on both coins’ short-term price action.