Bitcoin fell back below $24,000 on Feb. 24 as markets anticipated the release of upcoming US consumer sentiment numbers. The University of Michigan report should show an increase in confidence, despite current inflationary pressures. Ethereum pulled back slightly from Thursday’s high.
bitcoin (BTC) was trading below $24,000 again on Friday as markets began to price in the release of US 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 high of $24,177.57.
Today’s move comes as bitcoin couldn’t sustain a recent break of a long-term high at $24,200.
Looking at the chart, the 14-day Relative Strength Index (RSI) also saw a breakout, with the index dropping below a low at 58.00.
Currently, the index is following a reading of 55.97, with the next point of support visible at the 53.00 area.
If the bears try to reach this level, there is a good chance that bitcoin will trade below $23,000.
In addition to BTCethereal (ETH) fell from Thursday’s high as the cryptocurrency was also impacted by today’s heightened volatility.
After a high of $1,666.13 in yesterday’s session, ETH/USD slipped to a low of $1,632.57 on Friday.
The drop saw Ethereum move away from its long-term high at $1,675 and approach a low at $1,630.
Since hitting that high, prices have continued to rebound, with Ethereum now trading at $1,648.37.
This comes as price strength appears to have bottomed out at 54.00 and is currently above that point.
At the time of writing, the index sits at 54.35, with the 10-day moving average (red) pointing higher, which could be a sign of an upcoming rally.
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