Bitcoin consolidated on Friday as traders prepared for the release of upcoming consumer sentiment figures from the US. After moving to a five-month high on Thursday, prices fell below $23,000 again. Ethereum also fell, dropping below $1,600 in the process.
Bitcoin
Bitcoin (BTC) fell below $23,000 on Friday as the market consolidated ahead of US consumer sentiment data.
BTC/USD fell to a bottom of $22,654.59 earlier in the session today, less than 24 hours after hitting a high of $23,215.00.
The decline comes ahead of a U.S. consumer sentiment report this afternoon that is expected to come in at 64.6.
BTC
As you can see from the chart, the momentum has changed a bit with the Relative Strength Index (RSI) also approaching the floor at 78.00.
The 10-day (red) moving average continues to trend higher, but this trend could reverse if the index falls below 78.00.
The index is currently tracking at 79.64 andBTC/USD is trading at $22,965.60.
Ethereum
There was a slight change in sentiment for Ethereum (ETH), with prices moving 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 comes as the world’s second-largest cryptocurrency failed to break out of $1,640 resistance on Wednesday.
Since that time, prices have moved continuously lower, with Ethereum’s RSI also falling below key support points.
The index is now at 61.94, just below the recent low of 63.00, the weakest level since January 8.
If this bearish trend continues through the weekend, it is likely thatETHwill hit a floor of $1500.
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