BTC, ETH Continue to Consolidate Ahead of US Consumer Sentiment Data – Market Updates Bitcoin News

Bitcoin continued to trade below $20,000 on Friday as market sentiment remained largely unchanged into the weekend. The world’s largest cryptocurrency was attempting to reach this milestone, but fell when it hit a hurdle on the Relative Strength Index (RSI). Ethereum was also largely flat as markets braced for the release of US consumer data.

Bitcoin

Bitcoin (BTC) prices continued to consolidate on Friday as market sentiment remained largely unchanged through the weekend.

The token continued to climb towards $20,000 in today’s session, hitting a high of $19,632.98.

Today’s turmoil comes ahead of the latest US consumer sentiment report, which is expected to show an increase in confidence.

BTC/USD daily chart

Looking at the chart, BTC/USD has also faltered after hitting a ceiling on the 14-day Relative Strength Index (RSI).

As of this writing, the index is trading at 46.45 as price strength continues to decline from its recent ceiling of 49.00.

The bulls are still likely to make another run towards the $20,000 price point, but we are unlikely to see it reached until the aforementioned resistance is broken.

ether

Ethereum (ETH) traded near a key support point again on Friday as the token’s prices also consolidated.

Since hitting a high of $1,346.13 earlier in the day, ETH/USD has fallen as price uncertainty remains high.

As of this writing, the world’s second largest cryptocurrency is trading at $1,332.67, which is marginally above its $1,330 floor.

ETH/USD daily chart

As with bitcoin, the 14-day RSI is also hovering below a ceiling, in this case the 42.00 level, which has been in place for two weeks.

This has contributed to the token’s sideways movement, which seems to be stabilizing after the recent merge event.

This afternoon’s consumer sentiment report could act as a trigger to end this period of consolidation should the data come in better than markets originally forecast.

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What do you think is causing Ethereum’s consolidation? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis, having previously been a broker director and retail educator. He currently acts as a commentator for various asset classes including crypto, stocks and forex.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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