{"id":18250,"date":"2023-03-02T13:39:39","date_gmt":"2023-03-02T13:39:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-edges-lower-as-us-manufacturing-sector-contracts-market-updates-bitcoin-news\/"},"modified":"2023-03-02T13:39:39","modified_gmt":"2023-03-02T13:39:39","slug":"btc-edges-lower-as-us-manufacturing-sector-contracts-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-edges-lower-as-us-manufacturing-sector-contracts-market-updates-bitcoin-news\/","title":{"rendered":"BTC Edges Lower, as US Manufacturing Sector Contracts \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin fell into the red on March 2, as markets reacted to further negative data from the United States. The nation\u2019s manufacturing sector contracted for a fourth straight month in February, which comes as consumer confidence also fell last month. Ethereum was also lower, retreating from yesterday\u2019s high.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) fell lower in today\u2019s session, as markets reacted to news that the U.S. manufacturing sector remained in contraction territory.<\/p>\n

In its monthly report, the ISM\u2019s manufacturing index<\/a> came in at 47.7, and typically any reading below 50.00 indicates contraction.<\/p>\n

As a result of this, BTC<\/a>\/USD slipped to an intraday low of $23,374.66, which comes a day after trading at a high of $23,821.15.<\/p>\n

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

The drop came as bitcoin bulls were unable to sustain a breakout above a resistance level of $23,800.<\/p>\n

Additionally, the 14-day relative strength index (RSI) has also declined, following a failed breakout of a ceiling at 55.00<\/p>\n

At the time of writing, price strength is tracking at 51.32, which is close to a long-term floor at 50.00.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) also erased Wednesday\u2019s gains, with the world\u2019s second largest cryptocurrency failing to break a ceiling of its own.<\/p>\n

Following a high of $1,672.05 on hump-day, ETH<\/a>\/USD dropped to a bottom of $1,635.85 earlier in Thursday\u2019s session.<\/p>\n

The move occurred as ethereum buyers were not able to push price above resistance at $1,675 during yesterday\u2019s rally.<\/p>\n

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

As a result, bears reentered the market, further intensifying the downward momentum of the 10-day (red) moving average.<\/p>\n

Currently, the trend line is fast approaching its 25-day (blue) counterpart, with a downward cross inevitable.<\/p>\n

In addition to this, the RSI, which is tracking at 51.82, appears to be en route to a floor at 49.00, which could push ETH<\/a> below $1,600.<\/p>\n

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

Do you expect ethereum to fall below $1,600 in the next few days? 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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