{"id":16975,"date":"2023-01-27T13:34:45","date_gmt":"2023-01-27T13:34:45","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-ahead-of-us-consumer-sentiment-data-market-updates-bitcoin-news\/"},"modified":"2023-01-27T13:34:45","modified_gmt":"2023-01-27T13:34:45","slug":"btc-eth-consolidate-ahead-of-us-consumer-sentiment-data-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-ahead-of-us-consumer-sentiment-data-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Consolidate Ahead of US Consumer Sentiment Data \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin consolidated on Friday, as traders prepared for the release of the upcoming consumer sentiment figures from the United States. Following a move to a five-month high on Thursday, prices were once again below $23,000. Ethereum also slipped, moving below $1,600 in the process.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) fell back below $23,000 on Friday, as markets consolidated ahead of U.S. consumer sentiment data.<\/p>\n

BTC<\/a>\/USD slipped to a bottom of $22,654.59 earlier in today\u2019s session, less than 24 hours after hitting a high of $23,215.00.<\/p>\n

The drop came ahead of this afternoon\u2019s U.S. consumer sentiment report, which is expected to come in at a reading of 64.6.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

As can be seen from the chart, the relative strength index (RSI) also edged closer to a floor of 78.00, leading to a slight shift in momentum.<\/p>\n

The 10-day (red) moving average continues to move in an upward direction, however should the index move below 78.00, this trend will likely reverse.<\/p>\n

Currently, the index is tracking at 79.64, with BTC<\/a>\/USD trading at $22,965.60.<\/p>\n

Ethereum<\/h2>\n

There was a slight shift in sentiment in ethereum (ETH<\/a>), with prices moving below $1,600 during today\u2019s session.<\/p>\n

Following a high of $1,619.45 on Thursday, ETH<\/a>\/USD dropped to an intraday low of $1,565.25 earlier in the day.<\/p>\n

Today\u2019s move came as the world\u2019s second largest cryptocurrency was unable to break out of a resistance level of $1,640 on Wednesday.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Since this time, prices have moved to lower lows in back-to-back sessions, with ethereum\u2019s RSI also dropping below a key point of support.<\/p>\n

The index is tracking at 61.94, which is marginally under its recent floor at 63.00, and its weakest level since January 8.<\/p>\n

Should this bearish trend continue into the weekend, there is a strong possibility that ETH<\/a> will hit a floor at $1,500.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Will today\u2019s data send cryptocurrencies higher? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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