Bitcoin traded below $28,000 again on Friday as markets consolidated ahead of a key day of economic data. The University of Michigan releases its monthly consumer sentiment report, which is expected to come in below February’s total. Ethereum also declined in today’s session.
Bitcoin
Bitcoin (BTC) fell below $28,000 on Friday as markets consolidated ahead of a key day of economic data.
BTC/USD slipped to an intraday low of $27,583.72 in today’s session, a day after the price surged to a high of $28,683.53.
The drop came as traders failed to sustain a breakout above $28,500 after hitting a nine-month high the previous day.
Overall, it appears that earlier bulls clinched gains as the 14-day Relative Strength Index (RSI) hit a ceiling at 65.00.
As of this writing, the index is hovering around the 60.84 level, which is slightly above a lower bottom at 59.00.
BTC is now trading at $27,928.58, however there is likely to be some movement following this afternoon’s data release.
ether
Ethereum (ETH) traded below $1,800 again as prices failed to break out of a recent key resistance point.
After hitting a high of $1,827.28 on Thursday, ETH/USD fell to an intraday low of $1,766.25 in today’s session.
Friday’s sell-off came as ETH bulls failed to surpass a long-term cap of $1,830.
The second largest cryptocurrency in the world is now trading at $1,795.69, seemingly suggesting that there is still some bullishness in the market.
This appears to be as price strength failed to drop below a floor of 52.00 and has since moved as high as 57.35.
If the RSI surges above the 58.00 level, which is the next visible resistance point, then ETH is likely to revisit $1,800.
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Will Ethereum trade above $1,800 in April? Leave your thoughts in the comments below.
Elijah Dambell
Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.
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