BTC, ETH Fall as USD Strengthens After Retail Sales Data – Market Updates Bitcoin News
Bitcoin was in the red for a second straight session as markets continued to digest the latest US retail sales figures. Sales increased more than expected in October, coming in at 1.3%, against expectations for a 1% increase. The result fueled the market’s belief that the US central bank will now change its policy. Ethereum fell below $1,200 in today’s session.
Bitcoin
Bitcoin (BTC) fell for a second straight day as markets continued to react to the latest US retail sales report.
Following the better-than-expected increase in consumer spending, BTC/USD fell to a low of $16,430.11 earlier in today’s session.
The drop comes a day after the token hit a high of $16,726.44, but it now appears to be heading towards a recent price floor.
Looking at the chart, this support point appears to be at the $16,200 level, which has been the last line of defense before the token moved below $16,000 in recent days.
On a positive note for long-term bulls, the 10-day (red) moving average looks like it has exhausted its downward momentum, with potentially a change in sentiment in the cards.
Should an upcoming floor of 34.00 on the Relative Strength Index (RSI) hold, then we could see BTC bulls start to buy this current decline.
Ethereum
In addition to bitcoin, ethereum (ETH) also plunged in today’s session, with prices falling below $1,200.
The world’s second largest cryptocurrency is down about 2% on Thursday, falling to a low of $1,189.21 in the process.
This decline saw ETH/USD break out of its recent floor, with the next visible support at the $1,105 mark.
Unlike BTC, it seems like the moving averages on ETH may still be heading lower, which may prevent many bears from entering at this time.
Currently, the RSI here is hovering near a floor of 38.00, and should this hold, we could see prices start to pick up again.
However, if a breakout takes place, it is likely that we could see Ethereum below $1100.
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Will the Federal Reserve change monetary policy at its next meeting? Leave your thoughts in the comments below.
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