Bitcoin BTC/USD fell more than 3% lower during Friday’s 24-hour trading session in tandem with the S&P 500, which was suffering a fourth-straight bearish day of heavily declining prices.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
Ethereum ETH/USD and Dogecoin DOGE/USD were weaker than Bitcoin, sliding about 5% under Thursday’s closing price.
The downturn in the general market and the crypto sector came after Federal Reserve Chair Jerome Powell crashed the Wall Street party on Wednesday with predictions inflation would remain stubbornly high in 2023 and the unemployment rate would rise to more than 4%.
Prior to the grim outlook, the market rallied on weaker-than-expected consumer price index data that showed inflation ticked lower in November, which pulled Bitcoin and Ethereum higher. Dogecoin didn’t join the party and declined more than 24% since Nov. 30.
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The Bitcoin Chart: Bitcoin’s slide on Thursday caused the stock to drop back into a sideways trading pattern, which had been holding the crypto between $16,000 and $17,580 since Nov. 11. Friday’s plunge on continued bearish momentum caused Bitcoin to lose support at the eight-day and 21-day exponential moving averages, which was bearish at least for the short term.
Some mild support near the $16,800 pattern developed over the last month and bullish traders would like to see Bitcoin close Friday’s session above that level. If that happens, Bitcoin could consolidate sideways in the upper range of the sideways channel over the weekend.
Bitcoin has resistance above at $17,580 and $19,915 and support below at $16,797 and $16,000.
The Ethereum Chart: Ethereum broke down from a sideways channel on Friday, negating its current uptrend by printing a lower low. For a downtrend to confirm, Ethereum would need to eventually bounce to print at least a lower high on the 24-hour chart.
Unlike Bitcoin, which was trading on declining volume, Ethereum’s drop came on increasing…
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