Bitcoin slipped below the $ 34,000 level earlier in today’s session, ahead of the upcoming consumer sentiment report in the United States. Data on Thursday showed that the U.S. economy grew at a rate of 4.9% in Q3, largely driven by consumer spending. Ethereum moved below the $ 1,800 level to start the day.
Bitcoin
Bitcoin slipped below the $ 34,000 mark on Friday, as markets consolidated ahead of U.S. consumer sentiment figures.
BTC/USD fell to a low at $ 33,762.32 earlier in today’s session, which comes following a peak at $ 34,649.40 the day before.
As a result of the decline, bitcoin continued to pull away from a recent 18-month high, as bears began to gradually seize market sentiment.
This comes as the relative strength index (RSI) remained in overbought territory, with a current reading of 83.68.
Bulls in the market seem reluctant to let go of their positions, and have gone on to once again push BTC above $ 34,000.
Overall, BTC remains nearly 15% higher than at the same time last week, despite the recent price consolidation.
Ethereum
Ethereum (ETH) also edged lower in today’s session, falling below the $ 1,800 mark in the process.
After reaching a high of $ 1,857.81 on Thursday, ETH/USD dropped to a bottom at $ 1,764.01 earlier in the day.
This decline has seen ETH snap a seven-day bull run, pushing the cryptocurrency away from a multi-month high in the process.
The drop coincided with the RSI failing to breach a resistance level of 74.00, and it is now tracking at a reading of 71.13.
Traders who are holding onto their long positions may begin to reconsider this, should the index fall below the 70.00 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see momentum shift lower this weekend? Leave your thoughts in the comments below.
Bitcoin News
Leave a Reply
You must be logged in to post a comment.