Cryptocurrency prices largely consolidate on Thursday and figures from the United States ahead of the upcoming GDP. Bitcoin remains close to $17,000 in today’s session, with global market cap down 0.01% at the time of writing. Ethereum remained largely unchanged as the price continued to trade above $1,200.
Bitcoin (BTC) continues to strengthen ahead of this afternoon’s third quarter GDP data from the US. rice field.
This afternoon’s figures are expected to show 2.9% growth in the quarter as US inflation begins to slow.
BTC/USD hit a new all-time high of $16,895.71 before the data was released. This is just above Wednesday’s low of $16,755.91.
chart, today’s consolidation is at the 14-day Relative Strength Index (RSI) continued hovering around the 46.00 support point.
At the time of writing, the index is tracking at the 46.49 level and can be set to break through this point at any time.
If this happens, bearish sentiment will likely return to the market, pushing the price towards $16,500.
Ethereum (ETH) also consolidated in today’s session, with the bulls holding his price above $1,200.
Following a low of $1,208.03 in Tuesday’s session,ETH/USD edged higher on Thursday to a high of $1,219.61.
The move shows that the world’s second largest cryptocurrency remains just a stone’s throw from the $1,230 ceiling.
Overall momentum compares despite prospects for higher highs Bearish, the 10-day (red) moving average extends a crossover with its 25-day (blue) counterpart.
As can be inferred from the chart, the RSI failed to break out of the current cap of 47.00 and appears to be set in a downtrend
as bullish sentiment returns may require movement over this resistance.
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