Bitcoin consolidated below the $24,000 level on February 27 as cryptocurrency markets prepare for a big week of economic data. Durable Goods Orders from the U.S. will be released later today and consumer confidence figures are set for Tuesday. Ethereum rose above $1,600 again after breaking out on Sunday.
Bitcoin
Bitcoin (BTC) is consolidating in today’s session, largely because the market is preparing for a big week of US economic activity data.
After hitting a low of $23,165.23 on Sunday,BTC/USD rose to an intraday high of $23,654.37 earlier in the session today.
The move came as bitcoin bulls continued to rise after breaking through the $23,000 level on Saturday.
Since reaching its peak for the day, prices have fallen somewhat, with the world’s largest cryptocurrency now trading at $23,408.54.
This appears to be coming as the 14-day Relative Strength Index (RSI) has failed to break out of the 53.00 resistance level
It is currently at 51.95, confirming that the next support level is at 50.00.
Ethereum
Meanwhile, ethereum (ETH) saw bullishness prevail at the beginning of the week, with prices rising above $1600.
ETH). After falling to a bottom of $1,597.21 on Sunday, /USD surged to a peak of $1,645.91 earlier in the day.
Prices have been mostly higher in recent days after falling to a low of $1,557 at the start of the weekend.
Like Bitcoin, the earlier rally eased as the RSI hit a wall at the 54.00 mark.
52} ETH {53 53} ETHbulls are going to move the price back towards the $1,700 mark and the first step in this journey would be to move past the 54.00 ceiling.
Sign up for email here to get weekly price analysis updates sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons
