BTC and ETH Consolidate Ahead of US Retail Sales Data – Bitcoin News Market Updates

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Bitcoin consolidated below a key floor on Tuesday as markets braced for upcoming US retail sales figures. After two months of decline, sales in the United States should rebound, as inflation subsides. Ethereum remains above the $1,800 level.

Bitcoin

Bitcoin (BTC) consolidated during today’s session as markets braced for the release of the latest US retail sales figures.

With inflation easing, April sales are expected to rise 0.8%, after two consecutive months of decline.

After an earlier high of $27,646.35, BTC/USD slipped to an intraday low of $26,878.95 on Tuesday.

BTC/USD – Daily Chart

The price has since rebounded, and at the time of writing, bitcoin is trading at $27,097.23.

A failed break of the 42.00 mark on the Relative Strength Index (RSI) appears to have played a pivotal role in today’s decline.

The index now sits at 41.06, with a floor at 38.00 as a potential target, should momentum continue to weaken.

Ethereum

Despite briefly breaking below the $1,800 level, Ethereum (ETH) was largely flat on Tuesday.

ETH/USD hit a high of $1,845.70 earlier in the day, which follows a low of $1,797.84 to start the week.

The second largest cryptocurrency in the world has since declined and, at the time of writing, is trading at $1,817.12.

ETH/USD – Daily Chart

That’s close to a price floor at $1,820, which has been in place since last Wednesday, when the price was on day five of a six-day losing streak.

Price strength has also contributed to the current volatility. Similar to BTC, the index is hovering below a key resistance level.

Should it break above a reading of 45.00, chances are ETH bulls will make another run for the $1,900 level.

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Do you expect crypto prices to continue to climb this week? Leave your thoughts in the comments below.

Elie Dambell

Eliman was previously a director of a London-based brokerage, while also being an online trading educator. Currently, he is a commentator on various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

Image credits: Shutterstock, Pixabay, Wiki Commons

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