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

Bitcoin fell backmost beneath $24,000 connected Feb. 24, arsenic markets anticipated the merchandise of the upcoming user sentiment figures from the United States. The study from the University of Michigan is expected to amusement an summation successful confidence, contempt existent inflationary pressures. Ethereum marginally retreated from Thursday’s high.

Bitcoin

Bitcoin (BTC) was erstwhile again trading beneath $24,000 connected Friday, arsenic markets began to expect the merchandise of U.S. user sentiment data.

BTC/USD fell to an intraday debased of $23,693.92 earlier successful today’s session, little than 24 hours aft hitting a highest of $24,177.57.

Today’s determination comes arsenic bitcoin was incapable to prolong a caller breakout of a semipermanent ceiling astatine $24,200.

BTC/USD – Daily Chart

Looking astatine the chart, the 14-day comparative spot scale (RSI) besides experienced a breakout, with the scale moving beneath a level astatine 58.00

Currently, the scale is tracking astatine a speechmaking of 55.97, with the adjacent disposable constituent of enactment astatine the 53.00 zone.

Should bears effort to scope this level, determination is simply a beardown accidental that bitcoin volition beryllium trading nether $23,000.

Ethereum

In summation to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency besides impacted by today’s accrued volatility.

Following a precocious of $1,666.13 during yesterday’s session, ETH/USD slipped to a debased of $1,632.57 connected Friday.

The driblet saw ethereum determination further distant from its semipermanent ceiling astatine $1,675, and person to a level astatine $1,630.

ETH/USD – Daily Chart

Since hitting this earlier high, prices person gone connected to rebound, with ethereum present trading astatine $1,648.37.

This comes arsenic terms spot seems to person recovered a level astatine 54.00, and is presently hovering supra this point.

At the clip of writing, the scale is tracking astatine 54.35, with the 10-day (red) moving mean upward facing, which could beryllium a motion of an upcoming rally.

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Do you expect prices to rebound pursuing today’s report? Leave your thoughts successful the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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