Cryptocurrency Market

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Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data

Bitcoin fell back below $24,000 on Feb. 24, as markets anticipated the release of the upcoming consumer sentiment figures from the United States. The report from the University of Michigan is expected to show an increase in confidence, despite current inflationary pressures. Ethereum marginally retreated from Thursday’s high.

Bitcoin

Bitcoin (BTC) was once again trading below $24,000 on Friday, as markets began to anticipate the release of U.S. 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 was unable to sustain a recent breakout of a long-term ceiling at $24,200.

Looking at the chart, the 14-day relative strength index (RSI) also experienced a breakout, with the index moving below a floor at 58.00

Currently, the index is tracking at a reading of 55.97, with the next visible point of support at the 53.00 zone.

Should bears attempt to reach this level, there is a strong chance that bitcoin will be trading under $23,000.

Ethereum

In addition to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency also impacted by today’s increased volatility.

Following a high of $1,666.13 during yesterday’s session, ETH/USD slipped to a low of $1,632.57 on Friday.

The drop saw ethereum move further away from its long-term ceiling at $1,675, and closer to a floor at $1,630.

Since hitting this earlier high, prices have gone on to rebound, with ethereum now trading at $1,648.37.

This comes as price strength seems to have found a floor at 54.00, and is currently hovering above this point.

At the time of writing, the index is tracking at 54.35, with the 10-day (red) moving average upward facing, which could be a sign of an upcoming rally.

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Do you expect prices to rebound following today’s report? Leave your thoughts in the comments below.

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