Bitcoin continued to trade below $20,000 on Friday as market sentiment changed little heading into the weekend. The world’s largest cryptocurrency attempted to rise toward this milestone, but encountered a hurdle in the Relative Strength Index (RSI) and fell. Ethereum was also largely flat as the market prepared for the release of U.S. consumer data.
Bitcoin (BTC) prices continued to consolidate on Friday as market sentiment changed little heading into the weekend.
The token continued to climb toward $20,000 during today’s session, peaking at $19,632.98 in the process.
Today’s wild swings come ahead of the latest U.S. Consumer Sentiment report, which is expected to show an increase in confidence.
/USD has also hit a ceiling on the 14-day Relative Strength Index (RSI) and is stalling.
At the time of writing, the index is tracking at 46.45 as price strength continues to decline from its recent ceiling at 49.00.
The bulls are still likely to make another run toward the $20,000 price point, but we will not see this until the aforementioned resistance is broken.
Ethereum (ETH) traded near a key support point again on Friday as token prices also consolidated.
Since peaking at $1346.13 earlier in the day,ETHhas surpassed the $10 million mark; ETHhas fallen as /USD remains high in price uncertainty.
At the time of writing, the world’s second largest cryptocurrency is trading at $1332.67, just above its $1330 floor.
Like Bitcoin, the 14-day RSI is also hovering below its ceiling, in this case the 42.00 level that has lasted for the past two weeks.
This has contributed to the sideways trajectory of the tokens, which appear to be stabilizing following the recent merger events.
This afternoon’s Consumer Sentiment report could serve as a trigger to end this consolidation spell if the data is greater than the market’s initial forecast.
Sign up for email to receive weekly price analysis updates.
Image credits: Shutterstock, Pixabay, Wiki Commons