Bitcoin traded below the $28,000 level again on Friday as markets consolidated ahead of a day of important economic data. The University of Michigan released its monthly consumer sentiment report, which is expected to be below the February sum. Ethereum also fell in today’s session.
Bitcoin (BTC) fell below the $28,000 level on Friday as markets consolidated ahead of a day of important economic data.
BTCIn today’s session, /USD fell to an intraday low of $27,583.72, a day after rising to a high of $28,683.53.
The decline came as traders failed to hold above the $28,500 level following the previous day’s nine-month high.
Overall, the 14-day Relative Strength Index (RSI) collided with the 65.00 ceiling, and it appears that the earlier bulls moved to secure profits.
As of this writing, the index is hovering at the 60.84 level, just above the lower limit of 59.00.
BTCis currently trading at $27,928.58, but some movement is likely after this afternoon’s data release.
Ethereum (ETH) was trading below $1,800 again as prices failed to break out of recent key resistance points.
Following a high of $1,827.28 on Thursday,ETH/USD fell to an intraday low of $1,766.25 in today’s session.
Friday’s sell-off followed as theETHbulls failed to break above their long-term ceiling of $1,830.
The world’s second-largest cryptocurrency is currently trading at $1,795.69, which seemingly suggests that there is still bullish sentiment in the market.
This appears to be the result of price strength failing to get below the 52.00 floor and then moving to a reading of 57.35.
If the RSI rallies sharply above the next resistance point at 58.00,ETHis likely to come back above $1,800.
Sign up for email here to receive weekly price analysis updates:
Image Credit:: Shutterstock, Pixabay, Wiki Commons