BTC edges lower, as US manufacturing contracts – Market Updates Bitcoin News
Bitcoin fell into the red on March 2, as markets reacted to further negative data from the US. The country’s manufacturing sector contracted for a fourth consecutive month in February, which comes as consumer confidence also fell last month. Ethereum was also lower, pulling back from yesterday’s high.
Bitcoin
Bitcoin (BTC) edged lower in today’s session as markets reacted to news that the US manufacturing sector remained in contraction territory.
In its monthly report, the ISM manufacturing index came in at 47.7, and usually any reading below 50.00 indicates contraction.
As a result, BTC/USD fell to an intraday low of $23,374.66, which comes a day after trading at a high of $23,821.15.
The fall came as bitcoin bulls failed to sustain a breakout above a $23,800 resistance level.
In addition, the 14-day relative strength index (RSI) has also declined, following a failed breakout of a ceiling of 55.00
At the time of writing, the price strength follows 51.32, which is close to a long-term floor at 50.00.
Ethereum
Ethereum (ETH) also erased Wednesday’s gains, with the world’s second-largest cryptocurrency failing to break a record of its own.
After a hump day high of $1,672.05, ETH/USD fell to a low of $1,635.85 earlier in Thursday’s session.
The move came as ethereum buyers were unable to push the price above the $1,675 resistance during yesterday’s rally.
As a result, bears re-entered the market, further reinforcing the downward momentum of the 10-day (red) moving average.
Currently, the trendline is rapidly approaching its 25-day (blue) counterpart, with a downward cross inevitable.
In addition to this, the RSI, which is tracking at 51.82, appears to be on its way to a floor of 49.00, which could push ETH below $1,600.
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