Cryptocurrencies continued to consolidate recent gains on Jan. 24, as markets braced for a big week of US economic data. Gross Domestic Product (GDP) figures for the fourth quarter of 2022 will be released on Thursday, followed by consumer confidence data the next day. Ethereum also secured recent gains in today’s session, with prices nearing a move below $1,600.
Bitcoin
bitcoin (BTC) consolidated for the third day in a row as traders continued to profit from Saturday when prices rose to a five-month high.
Despite consolidating BTC/USD stayed above $23,000 for most of today’s session, peaking at $23,134.01 in the process.
This comes less than 24 hours after it traded at a low of $22,654.30, which is near short-term support at $22,500.
Looking at the graph, BTC it is currently trading at $22,913.54, and this occurs as the 14-day RSI approaches a top of 86.00.
At the time of writing, the index is sitting at a level of 85.09, with a floor at 80.00, another possible target for traders.
The 10-day moving average (red) has also started to show signs of topping out, which could lead to a sudden change in momentum.
Ethereal
moment in ethereum (ETH) slowed down a bit in today’s session, with the price approaching its floor at $1,600.
After a maximum of $1,658.02 to start the week, ETH/USD fell to a bottom of $1,609.16 earlier in the day.
Sentiment in the world’s second largest cryptocurrency appears to have turned, with several dojis (candlesticks signaling reversal) appearing on the chart.
As can also be seen on the chart, the RSI is currently hovering slightly above a bottom at 74.00, which is a current reading of 74.07.
In the event of a breakout, bearish pressure is likely to build, and traders could eye a move below $1,600.
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