Bitcoin fell into the red on March 2 as the market reacted to more negative data from the US. The country’s manufacturing sector contracted for the fourth consecutive month in February and consumer confidence also declined last month. Ethereum was also lower, retreating from yesterday’s highs.
Bitcoin
Bitcoin (BTC) fell in today’s session as the market reacted to news that US manufacturing remains in contractionary territory.
In the monthly report,the ISM Manufacturing Indexcame in at 47.7, with a reading below 50.00 usually signaling contraction.
As a result,. the BTC/USD fell to an intraday low of $23,374.66, a day after trading as high as $23,821.15.
The drop came as bitcoin bulls failed to sustain a breakout above the $23,800 resistance level.
Additionally, the 14-day Relative Strength Index (RSI) also declined following the failure to break through the 55.00
ceiling.
At the time of this writing, price strength stands at 51.32, approaching a long-term bottom of 50.00.
Ethereum
Ethereum (ETH) also erased Wednesday’s gains, with the world’s second largest cryptocurrency unable to break its own ceiling.
Following a hump day high of $1672.05,ETH/USD fell to a bottom of $1635.85 early in the Thursday session.
The move occurred as Ethereum buyers failed to push the price above the $1675 resistance during yesterday’s rally.
As a result, the bears re-entered the market, further strengthening the downward momentum of the 10-day moving average (red).
The trendline is now rapidly approaching the 25-day line (blue) and a downward cross is inevitable.
In addition to this, the RSI, which is hovering at 51.82, appears to be on its way to a floor of 49.00 and could pushETH below $1600.
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