Bitcoin fell below $24,000 on February 24 as the market anticipated the release of upcoming consumer sentiment figures from the US. A report from the University of Michigan is expected to show an increase in confidence despite current inflationary pressures. Ethereum retreated slightly from Thursday’s highs.
Bitcoin
Bitcoin (BTC) traded below $24,000 again on Friday as the market began to anticipate the release of US consumer sentiment data.
BTC/USD fell to an intraday low of $23,693.92 earlier in today’s session, less than 24 hours after hitting a peak of $24,177.57.
Today’s move comes as bitcoin failed to sustain its recent breakout of the $24,200 long-term ceiling.
BTC
The chart shows that the 14-day Relative Strength Index (RSI) has also experienced a breakout, moving below the 58.00 floor
The index is currently hovering at 55.97 and the 53.00 zone is likely to be the next support point.
If the bears try to reach this level, bitcoin will likely trade below $23,000.
In addition to BTC () ethereum (ETH) falling from Thursday’s highs, this cryptocurrency was also affected by today’s increased volatility.
After hitting a high of $1,666.13 in yesterday’s session,ETH/USD fell to a low of $1,632.57 on Friday.
This drop took Ethereum further away from its long-term ceiling of $1,675 and closer to its $1,630 bottom.
Since this earlier high, prices have begun to rebound and Ethereum is now trading at $1,648.37.
This is because price strength appears to have found a floor at 54.00 and is currently hovering above this point.
As of this writing, the index is tracking at 54.35 and the 10-day (red) moving average is up, which could be a sign of a rally ahead.
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