BTC Consolidates Ahead of Big Week of Economic Data – Market Updates Bitcoin News
Bitcoin consolidated below the $24,000 level on February 27, as cryptocurrency markets braced for a big week of economic data. US durable goods orders will be released later today, with consumer confidence figures set for Tuesday. Ethereum surged back above $1,600, following a breakout on Sunday.
Bitcoin
Bitcoin (BTC) has been largely consolidating in today’s session as markets prepare for a big week of US economic activity data.
After a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session.
The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday.
Since reaching today’s peak, prices have fallen somewhat, with the world’s largest cryptocurrency currently trading at $23,408.54.
This appears to be coming as the 14-day relative strength index (RSI) failed to break out of a resistance level of 53.00
At the time of writing, the index follows with a reading of 51.95, with the next visible support point at 50.00.
Ethereum
Ethereum (ETH), on the other hand, has been predominantly bullish to start the week, with prices climbing back above $1,600.
ETH/USD, which fell to a low of $1,597.21 on Sunday, rose to a high of $1,645.91 earlier in the day.
Prices have mostly risen in recent days, after falling to a low of $1,557 to start the weekend.
As with bitcoin, earlier gains have waned, as the RSI hit a wall at the 54.00 mark.
Since this collision, price strength has dropped, with the RSI now at 53.04, and ETH trading at $1,638.06.
Should ETH bulls intend to take the price back towards the $1,700 mark, the first step in this journey will be to go past the 54.00 ceiling.
Register your email here to get weekly price analysis updates delivered to your inbox:
Can Ethereum climb above $1700 in the coming days? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
