Bitcoin and Ethereum were trading lower on February 28 as the market anticipated the upcoming release of the US Consumer Confidence Index. This data is for the month of February and is expected to show a slight increase in confidence for the same month. This makes it likely that the Federal Reserve will maintain its policy of raising interest rates next month.
Bitcoin
Bitcoin (BTC) fell for the second consecutive session on Tuesday, with prices glancing a breakout below $23,000.
BTC/USD moved to an intraday low of $23,205.88 earlier today’s session, which was less than 24 hours after hitting a high of $23,857.89.
This move comes after the bulls failed to jump over the $24,000 mark on Monday, and the bears are using this as an opportunity to re-enter.
BTC
The chart shows that the 14-day Relative Strength Index (RSI) also failed to break out of its own resistance at 53.00
At the time of this writing, the index is trading at 52.46, with bitcoin slightly higher than its previous low.
BTCis currently trading at $23,466.92 and is still moving back towards $23,800.
Ethereum
In addition to Bitcoin, Ethereum (ETH) has also stalled in today’s session with prices moving closer to the $1,600 level.
Following a weekly high of $1,662.58,ETHalso hit the $1,600 level, with ETH/USD falling to a bottom of $1,615.39 earlier in the day.
This recent decline comes after a failed attempt to cross the long-term resistance level of $1,675.
Moreover, price strength also hit a ceiling at the 53.00 mark, with the index tracking at 52.74.
Ultimately, this consolidation is almost identical to Bitcoin, and the market will await this afternoon’s consumer confidence report to determine the direction to take.
However,should ETHbreak through the 53.00 ceiling on the RSI, prices are likely to head above $1700.
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Image credits: Shutterstock, Pixabay, Wiki Commons
