BTC, ETH Slide Ahead of US Consumer Confidence Report – Market Updates Bitcoin News
Bitcoin and Ethereum traded lower on February 28, as markets anticipated the release of the upcoming US consumer confidence report. The data, which is for February, is expected to show a slight increase in confidence for the month. This is likely to lead to the Federal Reserve maintaining its rate hike policy next month.
Bitcoin
Bitcoin (BTC) fell for a second straight session on Tuesday, as prices flirted with a breakout below $23,000.
BTC/USD moved to an intraday low of $23,205.88 earlier in today’s session, which comes less than 24 hours after hitting a high of $23,857.89.
The move comes after bulls failed to bounce back above the $24,000 mark on Monday, with bears using this as an opportunity to re-enter.
Looking at the chart, the 14-day relative strength index (RSI) also failed to break out of its own resistance at 53.00
At the time of writing, the index is trading at 52.46, with bitcoin slightly higher than previous lows.
BTC is now trading at $23,466.92, with a move back towards $23,800 still on the cards.
Ethereum
In addition to bitcoin, ethereum (ETH) also struggled in today’s session, with prices moving close to the $1,600 level.
After a high of $1,662.58 to start the week, ETH/USD fell to a low of $1,615.39 earlier in the day.
This recent decline comes after a failed attempt to break past a long-term resistance level of $1,675.
In addition, price strength has also reached a ceiling at the 53.00 mark, with the index at 52.74.
Ultimately, this consolidation, which is almost identical to bitcoins, comes as markets await this afternoon’s consumer confidence report before deciding which direction to take.
However, should ETH bulls breach the 53.00 ceiling on the RSI, there is a good chance that the price could be heading to or above $1,700.
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Do you expect US consumer confidence to increase this month? Leave your thoughts in the comments below.
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