BTC and ETH Consolidate Ahead of US Consumer Sentiment Data – Bitcoin Planet Market Updates

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Bitcoin consolidated on Friday as traders braced for the release of upcoming U.S. consumer sentiment numbers. After hitting a five-month high on Thursday, prices were back below $23,000. Ethereum also slipped, dropping below $1,600 in the process.

Bitcoin

Bitcoin (BTC) fell back below $23,000 on Friday as markets consolidated ahead of US consumer sentiment data.

BTC/USD slipped to a low of $22,654.59 earlier in today’s session, less than 24 hours after hitting a high of $23,215.00.

The drop came ahead of this afternoon’s US consumer sentiment report, which is expected to come in at 64.6.

BTC/USD – Daily Chart

As the chart shows, the Relative Strength Index (RSI) also moved closer to a low of 78.00, leading to a slight change in momentum.

The 10-day moving average (red) continues to trend higher, but if the index breaks below 78.00, this trend will likely reverse.

Currently, the index is trailing at 79.64, with BTC/USD trading at $22,965.60.

Ethereum

There has been a slight shift in sentiment towards Ethereum (ETH), with prices dropping below $1,600 during today’s session.

After hitting a high of $1,619.45 on Thursday, ETH/USD fell to an intraday low of $1,565.25 earlier in the day.

Today’s move came as the world’s second-largest cryptocurrency failed to break out of a resistance level of $1,640 on Wednesday.

ETH/USD – Daily Chart

Since then, prices have hit lower lows in consecutive sessions, with Ethereum’s RSI also breaking below a key support point.

The index stands at 61.94, which is slightly below its recent low of 63.00, and its lowest level since January 8th.

If this downtrend continues over the weekend, there is a strong possibility that ETH will bottom out at $1,500.

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Will Today’s Data Send Cryptocurrencies Higher? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

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