Bitcoin fell below $23,000 on January 31 following its recent run to a five-month high over the weekend. Market volatility has since increased as traders prepare for a big few days of economic data from the United States. The chamber will release its consumer confidence report later today and the Federal Reserve is scheduled to hold a policy meeting on Wednesday. Ethereum also turned lower today.
Bitcoin
Bitcoin (BTC) retreated from recent 5-month highs on Tuesday, with prices falling below the $23,000 mark in today’s session.
BTC/USD fell to a low of $22,657.58 in less than 24 hours after hitting a high of $23,296.53.
The move comes as traders appear to have secured profits from the recent price spike and ahead of upcoming Federal Reserve policy decisions.
BTC
As you can see from the chart, today’s dropbrought BTC closer to its price bottom of $22,500 and the Relative Strength Index (RSI) has hit its own bottom.
The index is currently tracking at 68.78, which is just above the long-term support point of 68.00.
The 77.00 ceiling could be a target for bulls who rejected the earlier breakout, but prices could consolidate until the dust settles from this week’s fundamentals.
ethereum
plus BTC (BTC)
ETH) were also in the red in today’s session, with prices falling further below $1,600.
After a week high of $1,595.86,
ETH {52 51} ETH/USD fell to an intraday bottom of $1,546.66 on Tuesday.
The world’s second-largest cryptocurrency has consolidated little since hitting a then four-month high of $1,680 on January 21.
With the RSI hovering between 70.00 and 87.00 and prices significantly overbought, many in the market somewhat expected this to happen It was.
The strength in prices has since been weighed down, and as of this writing, the index is currently at 57.02.
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