BTC Drops Below $28,000, ETH Below $1,800 – Market Updates Bitcoin News
Bitcoin again traded below the $28,000 level on Friday as markets consolidated ahead of a key day of economic data. The University of Michigan releases its monthly consumer sentiment report, which is expected to come in lower than February’s total. Ethereum also fell in today’s session.
Bitcoin
Bitcoin (BTC) fell below the $28,000 level on Friday as markets consolidated ahead of a key day of economic data.
BTC/USD fell to an intraday low of $27,583.72 in today’s session, which comes a day after the price rose to a high of $28,683.53.
The decline came as traders failed to sustain a breakout above the $28,500 level, following a nine-month high the previous day.
Overall, earlier bulls appear to have moved to lock in gains as the 14-day relative strength index (RSI) collided with a ceiling of 65.00.
At the time of writing, the index is following the 60.84 level, which is marginally above a lower floor of 59.00.
BTC is now trading at $27,928.58, but there is likely to be some movement after this afternoon’s data release.
Ethereum
Ethereum (ETH) once again traded below $1,800 as prices failed to break out of a recent key resistance point.
After a high of $1,827.28 on Thursday, ETH/USD fell to an intraday low of $1,766.25 in today’s session.
Friday’s selloff occurred as ETH bulls failed to move beyond a long-term ceiling of $1,830.
The world’s second largest cryptocurrency is now trading at $1,795.69, apparently indicating that some bullish sentiment remains in the market.
This appears to be a result of price strength not falling below a floor at 52.00 and it has since moved to a reading of 57.35.
Should the RSI rise past the 58.00 mark, which is the next visible resistance point, ETH is likely to be back above $1,800.
Register your email here to get weekly price analysis updates delivered to your inbox:
Will ethereum start trading in April above $1800? 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.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/JDETTAVVFE5VNQQ3TSV7E7B2RI.jpg "Binance halts Bitcoin withdrawals twice in the last eight hours")
