BTC, ETH Continue to Consolidate Ahead of US Consumer Sentiment Data – Market Updates Bitcoin News
Bitcoin continued to trade below $20,000 on Friday as market sentiment remained largely unchanged heading into the weekend. The world’s largest cryptocurrency tried to climb towards this milestone, but declined when it encountered a hurdle on the relative strength index (RSI). Ethereum was also largely unchanged as markets braced for the release of US consumer data.
Bitcoin
Bitcoin (BTC) prices continued to consolidate on Friday as market sentiment remained largely unchanged heading into the weekend.
The token continued to climb towards $20,000 in today’s session, reaching a high of $19,632.98 in the process.
Today’s turbulence comes ahead of the latest US consumer sentiment report, which is expected to show a rise in confidence.
Looking at the chart, BTC/USD has also stalled after hitting a ceiling on the 14-day Relative Strength Index (RSI).
At the time of writing, the index is trading at 46.45, as price strength continues to decline from the recent ceiling of 49.00.
The bulls are still likely to make another run towards the $20,000 price point, but we likely won’t see this reached until the aforementioned resistance is broken.
Ethereum
Ethereum (ETH) again traded near a key support point on Friday as prices of the token also consolidated.
Since hitting a high of $1,346.13 earlier in the day, ETH/USD has fallen as price uncertainty remains high.
At the time of writing, the world’s second largest cryptocurrency is trading at $1,332.67, which is marginally above the $1,330 floor.
As with bitcoin, the 14-day RSI is also hovering below a ceiling, in this case the 42.00 level, which has been in place for the past fortnight.
This has contributed to the sideways trajectory of the token, which seems to be stabilizing after the recent Merge event.
This afternoon’s consumer sentiment report could act as a trigger to end this period of consolidation, should the data turn out to be bigger than the market initially predicted.
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What do you think is causing Ethereum to consolidate? Leave your thoughts in the comments below.
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