Bitcoin dipped back below $24,000 on Feb. 24 as markets anticipated the release of upcoming US consumer confidence figures. The University of Michigan report is expected to show an increase in confidence, despite current inflationary pressures. Ethereum pulled back marginally from Thursday’s high.
Bitcoin
bitcoin (BTC) returned to trading below $24,000 on Friday as markets began to anticipate the release of US consumer confidence data.
BTC/USD fell to an intraday low of $23,693.92 earlier in today’s session, less than 24 hours after hitting a high of $24,177.57.
Today’s move comes as bitcoin failed to sustain a recent break of a long-term top of $24,200.
Looking at the chart, the 14-day RSI also saw a break, with the index moving below a bottom at 58.00.
Currently, the index is at a reading of 55.97, with the next visible point of support at the 53.00 area.
If the bears try to reach this level, there is a strong possibility that Bitcoin will trade below $23,000.
Ethereal
In addition to BTCethereal (ETH) fell from Thursday’s high, and the cryptocurrency was also affected by increased volatility today.
After a high of $1,666.13 during yesterday’s session, ETH/USD fell to a low of $1,632.57 on Friday.
The drop sent ethereum further away from its long-term top at $1,675 and closer to a floor at $1,630.
Since reaching this previous high, prices have recovered, and Ethereum is now trading at $1,648.37.
This occurs when price strength appears to have found a floor at 54.00 and is currently above this point.
As of this writing, the index is at 54.35, with the 10-day moving average (red) looking up, which could be a sign of a rally ahead.
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