Fun

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data

News Feed - 2023-02-24 10:02:40

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $24,000 Ahead of US Consumer Sentiment Data


Bitcoin fell back below $24,000 on Feb. 24, as markets anticipated the release of the upcoming consumer sentiment figures from the United States. The report from the University of Michigan is expected to show an increase in confidence, despite current inflationary pressures. Ethereum marginally retreated from Thursday’s high. Bitcoin


Bitcoin (BTC) was once again trading below $24,000 on Friday, as markets began to anticipate the release of U.S. 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 peak of $24,177.57.


Today’s move comes as bitcoin was unable to sustain a recent breakout of a long-term ceiling at $24,200. BTC/USD – Daily Chart


Looking at the chart, the 14-day relative strength index (RSI) also experienced a breakout, with the index moving below a floor at 58.00


Currently, the index is tracking at a reading of 55.97, with the next visible point of support at the 53.00 zone.


Should bears attempt to reach this level, there is a strong chance that bitcoin will be trading under $23,000. Ethereum


In addition to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency also impacted by today’s increased volatility.


Following a high of $1,666.13 during yesterday’s session, ETH/USD slipped to a low of $1,632.57 on Friday.


The drop saw ethereum move further away from its long-term ceiling at $1,675, and closer to a floor at $1,630. ETH/USD – Daily Chart


Since hitting this earlier high, prices have gone on to rebound, with ethereum now trading at $1,648.37.


This comes as price strength seems to have found a floor at 54.00, and is currently hovering above this point.


At the time of writing, the index is tracking at 54.35, with the 10-day (red) moving average upward facing, which could be a sign of an upcoming rally.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Do you expect prices to rebound following today’s report? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound Following Fed Minutes MARKET UPDATES | 1 day ago Biggest Movers: LTC Snaps Losing Streak, SOL Moves 7% Lower MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleElemental Raiders Hosts a $35,000 GFAL Ignite Tournament, Powered by BNB Smart-Chain Next articleEclipse to Launch Rollup Blockchain for Polygon Network with Solana Compatibility Disclaimer: 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 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Crypto must adapt to laws, not the other way around — John Reed Stark
Ana Paula Pereira6 hours agoCrypto must adapt to laws, not the other way around — John Reed StarkFormer SEC official John Reed Stark has criticized claims that the agency is “regulating by enforcement” in a hearing
US Central Bank Raises Rates by Half a Percentage Point, Fed’s Powell Says Similar Hikes Are on the Table
US Central Bank Raises Rates by Half a Percentage Point, Fed"s Powell Says Similar Hikes Are on the Table The U.S. Federal Reserve raised the benchmark interest rate on Wednesday a
Dogecoin Crashes 40%, But This Analyst Sees A Bullish Setup
Este artículo también está disponible en español. In a dramatic reversal, Dogecoin (DOGE) plunged from around $0.34 as low as $0.20, wiping out nearly 40% of its value be
Indian Crypto Trader Arrested for Allegedly Using USDT to Launder Money on Behalf of Chinese Online Betting Scammers
Indian Crypto Trader Arrested for Allegedly Using USDT to Launder Money on Behalf of Chinese Online Betting Scammers An Indian law enforcement agency has arreste
Bitcoin, Ethereum Technical Analysis: BTC Under $20,000 as ETH Sinks Below $1,400 on Friday
Bitcoin, Ethereum Technical Analysis: BTC Under $20,000 as ETH Sinks Below $1,400 on Friday Bitcoin fell below the $20,000 level for the first time since January, as markets contin
‘Bitcoin Is Calling’ – Saylor Stirs The Market With Cryptic Clue
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
ByBit exchange halts operations in France
Vince Quill1 hour agoByBit exchange halts operations in FranceByBit has been at odds with the Autorité des Marchés Financiers (AMF) since 2022 when the regulator blacklisted the exchange.485 Total views3 Total sharesLi
ECB in Full-On Emergency Mode as ‘Unprecedented Decline’ Hits Eurozone
ECB in Full-On Emergency Mode as "Unprecedented Decline" Hits EurozoneThe euro area is facing an “unprecedented” economic decline, the worst since records began. Europea
Daily Raids on Crypto Farms as Abkhazia Intensifies Mining Crackdown
Daily Raids on Crypto Farms as Abkhazia Intensifies Mining Crackdown Authorities in Abkhazia are stepping up efforts to clamp down on cryptocurrency mining amid electricity shortag
Crypto Networks Stress Tested During Bitcoin’s Wild Week
Crypto Networks Stress Tested During Bitcoin’s Wild Week Crypto valuations haven’t been the only casualties of this week’s market crash; crypto networks have also f
Natural Gas Price Hike Hits Crypto Miners in Iran
Natural Gas Price Hike Hits Crypto Miners in Iran Companies using natural gas as a power source to mint digital currency in Iran will have to deal with a sharp increase in the pric
Crypto Liquidations Cross $2.22 Billion, Here’s How Much Dogecoin Traders Lost
Este artículo también está disponible en español. The entire cryptocurrency market has experienced a steep decline over the past 24 hours, with its total market cap plung