Bitcoin consolidated on Friday as traders prepared for the release of the next US Consumer Confidence figures. Following a move to a five-month high on Thursday, prices were back below $23,000. Ethereum also fell, moving below $1,600 in the process.
Bitcoin
bitcoin (BTC) fell back below $23,000 on Friday as markets consolidated ahead of the US consumer confidence data.
BTC/USD fell to a low of $22,654.59 earlier in the session today, less than 24 hours after hitting a high of $23,215.00.
The drop came ahead of this afternoon’s US consumer confidence report, which is expected to come in at a reading of 64.6.
As can be seen on the chart, the RSI also approached a bottom of 78.00, causing a slight change in momentum.
The 10-day moving average (red) continues to move in an upward direction, however if the index moves below 78.00 this trend is likely to reverse.
Currently, the index stands at 79.64, with BTC/USD trading at $22,965.60.
Ethereal
There was a slight change in sentiment on ethereum (ETH), with prices trading below $1,600 during today’s session.
After a high of $1,619.45 on Thursday, ETH/USD fell to an intraday low of $1,565.25 earlier in the day.
Today’s move came as the world’s second-largest cryptocurrency failed to break above a resistance level of $1,640 on Wednesday.
Since then, prices have moved to lower lows in back-to-back sessions, with ethereum’s RSI also dipping below a key support point.
The index stands at 61.94, which is marginally below its recent low at 63.00 and its weakest level since January 8.
If this downtrend continues over the weekend, there is a strong possibility that ETH it will hit a floor at $1,500.
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Will today’s data push cryptocurrencies higher? Leave your thoughts in the comments below.
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