BTC Falls Below $24,000 Ahead Of US Consumer Sentiment Data – Market Updates Bitcoin News
Bitcoin fell back below $24,000 on February 24 as markets anticipated the release of the upcoming US consumer sentiment numbers. The report from the University of Michigan is expected to show an increase in confidence, despite current inflationary pressures. Ethereum pulled back marginally from Thursday’s high.
Bitcoin
Bitcoin (BTC) once again traded below $24,000 on Friday as markets began anticipating the release of US consumer sentiment data.
BTC/USD fell to an intraday low of $23,693.92 earlier in today’s session, less than 24 hours after hitting a high of $24,177.57.
Today’s move comes as bitcoin failed to sustain a recent breakout of a long-term ceiling of $24,200.
Looking at the chart, the 14-day Relative Strength Index (RSI) also experienced a breakout, with the index moving below a floor of 58.00
Currently, the index is following a reading of 55.97, with the next visible support point in the 53.00 zone.
Should bears attempt to reach this level, there is a high chance that bitcoin will trade below $23,000.
Ethereum
In addition to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency also affected by the day’s increased volatility.
After hitting a high of $1,666.13 during yesterday’s session, ETH/USD fell to a low of $1,632.57 on Friday.
The drop saw ethereum move further away from the long-term ceiling of $1,675, and closer to a floor of $1,630.
Since reaching this previous high, prices have retreated, with ethereum now trading at $1,648.37.
This comes as price strength appears to have found a floor at 54.00 and is currently hovering above this point.
At the time of writing, the index is trailing at 54.35, with the 10-day (red) moving average facing upwards, which could be a sign of an upcoming rally.
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Do you expect prices to pick up after today’s report? Leave your thoughts in the comments below.
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