{"id":18178,"date":"2023-02-28T14:23:30","date_gmt":"2023-02-28T14:23:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-slip-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news\/"},"modified":"2023-02-28T14:23:30","modified_gmt":"2023-02-28T14:23:30","slug":"btc-eth-slip-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-slip-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Slip Ahead of US Consumer Confidence Report \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin and ethereum were trading lower on Feb. 28, as markets anticipated the release of the upcoming U.S. consumer confidence report. The data, which is for February, is expected to show a slight increase in confidence for the month. This will likely result in the Federal Reserve maintaining its rate hike policy next month.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) fell for a second straight session on Tuesday, as prices flirted with a breakout below $23,000.<\/p>\n

BTC<\/a>\/USD moved to an intraday low of $23,205.88 earlier in today\u2019s session, which comes less than 24 hours after hitting a high of $23,857.89.<\/p>\n

The move comes after bulls were unable to jump back above the $24,000 mark on Monday, with bears using this as an opportunity to reenter.<\/p>\n

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

Looking at the chart, the 14-day relative strength index (RSI) also failed to break out of a resistance of its own at 53.00<\/p>\n

At the time of writing, the index is trading at 52.46, with bitcoin slightly higher than its earlier low.<\/p>\n

BTC<\/a> is now trading at $23,466.92, with a move back towards $23,800 still on the cards.<\/p>\n

Ethereum<\/h2>\n

In addition to bitcoin, ethereum (ETH<\/a>) also stuttered in today\u2019s session, with prices moving close to the $1,600 level.<\/p>\n

Following a high of $1,662.58 to start the week, ETH<\/a>\/USD fell to a bottom of $1,615.39 earlier in the day.<\/p>\n

This recent decline comes after a failed attempt to move past a long-term resistance level of $1,675.<\/p>\n

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

Additionally, price strength has also hit a ceiling at the 53.00 mark, with the index tracking at 52.74.<\/p>\n

Ultimately this consolidation, which is almost identical to bitcoin\u2019s, comes as markets wait for this afternoon\u2019s consumer confidence report, before deciding which direction to take.<\/p>\n

However, should ETH<\/a> bulls break the 53.00 ceiling on the RSI, there is a good chance that price could be heading to or above $1,700.<\/p>\n

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

Do you expect US consumer confidence to rise this month? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on 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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