BTC, ETH Lower, Ahead of Key US Economic Data Week – Bitcoin News Market Updates

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Bitcoin fell below $23,000 on January 31, after recently hitting a five-month high over the weekend. Market volatility has since increased as traders brace for a few big days of economic data out of the United States. The Conference Board will release its consumer confidence report later today, with the Federal Reserve holding its policy meeting on Wednesday. Ethereum also fell today.

Bitcoin

Bitcoin (BTC) retreated from a recent five-month high on Tuesday, with prices falling below $23,000 in today’s session.

BTC/USD fell to a low of $22,657.58 earlier in the day, less than 24 hours after hitting a high of $23,296.53.

The move comes as traders appear to have secured gains from recent price spikes and ahead of the Federal Reserve’s upcoming policy move.

BTC/USD – Daily Chart

As the chart shows, today’s decline has seen BTC approach a price floor at $22,500, with the Relative Strength Index (RSI) hitting its own low.

Currently, the index is now trailing at 68.78, which is slightly above its long-term support point at 68.00.

While a high of 77.00 may be the target for bulls who rejected an earlier breakout, it is likely that prices could consolidate until the dust clears from this week’s fundamentals.

Ethereum

In addition to BTC, Ethereum (ETH) was also in the red during today’s session, with prices falling further below $1,600.

After hitting a high of $1,595.86 to start the week, ETH/USD slipped to an intraday low of $1,546.66 on Tuesday.

Since hitting a four-month high of $1,680 on Jan. 21, the world’s second-largest cryptocurrency has mostly consolidated.

ETH/USD – Daily Chart

Many in the market saw it coming somewhat, due to the significantly overbought prices, with the RSI hovering between 70.00 and 87.00.

Price strength has since weighed heavily and, at the time of writing, the index currently sits at 57.02.

ETH has already rebounded from previous lows and is currently trading at $1,571.37, with the bulls sure to make another run towards the $1,600 area.

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Do you expect Ethereum to rally above $1,600 this week? 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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