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

Bitcoin trades below $20,000 as Friday’s market close. Market sentiment remains mostly the same heading into weekend. The world’s largest cryptocurrency attempted to climb towards this milestone, but declined as it encountered a hurdle on the relative strength index (RSI). The markets were also ready for U.S. consumer data release, so Ethereum was largely unaffected.


Bitcoin (BTC), as well as its prices, continued to strengthen on Friday. Market sentiment was largely the same heading into weekend.

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

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

BTC/USD – Daily Chart

The chart shows that BTC/USD also stalled following hitting a ceiling in the 14-day relative strengths index (RSI).

The index currently tracks at 46.45 as the price strength continues its decline from 49.00.

The bulls may still make another attempt to reach the $20,000 point. However, this will not be possible until the resistance has been broken.


Ethereum (ETH), which was trading close to a support level on Friday, saw prices consolidate.

As price uncertainty persists high, the ETH/USD rate has dropped since hitting $1,346.13 at its peak earlier in today.

As of 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, also the 14-day RSI hovers below a ceiling. This is in this instance 42.00 which was in effect for the past two weeks.

This contributed to the sideways trajectory that the token has taken, and which seems to have stabilized after the Merge event.

This afternoon’s consumer sentiment report could act as a trigger to end this spell of consolidation, should the data be greater than markets had initially forecasted.

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Which factors do you think are causing ethereum’s consolidation? Comment below to share your views.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

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