Bitcoin and ethereum had been buying and selling decrease on Feb. 28, as markets anticipated the discharge of the upcoming U.S. shopper confidence report. The info, which is for February, is anticipated to indicate a slight improve in confidence for the month. This may possible consequence within the Federal Reserve sustaining its fee hike coverage subsequent month.
Bitcoin
Bitcoin (BTC) fell for a second straight session on Tuesday, as costs flirted with a breakout under $23,000.
BTC/USD moved to an intraday low of $23,205.88 earlier in at this time’s session, which comes lower than 24 hours after hitting a excessive of $23,857.89.
The transfer comes after bulls had been unable to leap again above the $24,000 mark on Monday, with bears utilizing this as a chance to reenter.
Trying on the chart, the 14-day relative power index (RSI) additionally failed to interrupt out of a resistance of its personal at 53.00
On the time of writing, the index is buying and selling at 52.46, with bitcoin barely greater than its earlier low.
BTC is now buying and selling at $23,466.92, with a transfer again in direction of $23,800 nonetheless on the playing cards.
Ethereum
Along with bitcoin, ethereum (ETH) additionally stuttered in at this time’s session, with costs shifting near the $1,600 stage.
Following a excessive of $1,662.58 to begin the week, ETH/USD fell to a backside of $1,615.39 earlier within the day.
This latest decline comes after a failed try to maneuver previous a long-term resistance stage of $1,675.
Moreover, value power has additionally hit a ceiling on the 53.00 mark, with the index monitoring at 52.74.
In the end this consolidation, which is nearly equivalent to bitcoin’s, comes as markets await this afternoon’s shopper confidence report, earlier than deciding which path to take.
Nevertheless, ought to ETH bulls break the 53.00 ceiling on the RSI, there’s a good likelihood that value may very well be heading to or above $1,700.
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