BTC, ETH consolidate ahead of US consumer sentiment data – market updates

Bitcoin consolidated on Friday as traders prepared for the release of upcoming consumer sentiment numbers from the United States. After rising to a five-month high on Thursday, prices were back below $23,000. Ethereum also slipped, moving below $1,600.

Bitcoin

Bitcoin ( Bitcoin ) fell back below $23,000 on Friday as markets consolidated ahead of US consumer sentiment data.

Bitcoin /USD slipped to a low of $22,654.59 earlier in today's session, less than 24 hours after hitting a high of $23,215.00.

The decline came ahead of this afternoon's US consumer sentiment report, which is expected to come in at 64.6.

As can be seen from the chart, the Relative Strength Index (RSI) also approached a bottom of 78.00, causing a slight shift in momentum.

The 10-day moving average (red) continues to move higher, but if the index moves below 78.00, this trend is likely to reverse.

The index is currently at 79.64, with Bitcoin /USD is trading at $22,965.60.

ether

There was a slight change in sentiment on Ethereum ( ETH ), with prices hovering below $1,600 during today's session.

After hitting 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 out above resistance at $1,640 on Wednesday.

Since then, prices have moved to lower lows in successive sessions, with Ethereum's RSI also falling below a key support point.

The index is at 61.94, slightly below its recent bottom at 63.00 and the weakest level since January 8th.

If this bearish trend continues into the weekend, it is very likely ETH will bottom at $1,500.

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Will today’s data send crypto higher? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. He was previously a brokerage director and online trading instructor. He currently serves as a commentator on various asset classes including crypto, stocks and forex, while also being the founder of a startup.

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