Bitcoin and ethereum have been buying and selling decrease on Feb. 28, as markets anticipated the discharge of the upcoming U.S. client confidence report. The info, which is for February, is anticipated to indicate a slight enhance in confidence for the month. This can possible outcome within the Federal Reserve sustaining its charge hike coverage subsequent month.
Bitcoin (BTC) fell for a second straight session on Tuesday, as costs flirted with a breakout beneath $23,000.
BTC/USD moved to an intraday low of $23,205.88 earlier in immediately’s session, which comes lower than 24 hours after hitting a excessive of $23,857.89.
The transfer comes after bulls have been unable to leap again above the $24,000 mark on Monday, with bears utilizing this as a possibility to reenter.
Trying on the chart, the 14-day relative energy 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 the direction of $23,800 nonetheless on the playing cards.
Along with bitcoin, ethereum (ETH) additionally stuttered in immediately’s session, with costs shifting near the $1,600 stage.
Following a excessive of $1,662.58 to start out the week, ETH/USD fell to a backside of $1,615.39 earlier within the day.
This current decline comes after a failed try to maneuver previous a long-term resistance stage of $1,675.
Moreover, value energy has additionally hit a ceiling on the 53.00 mark, with the index monitoring at 52.74.
In the end this consolidation, which is sort of similar to bitcoin’s, comes as markets await this afternoon’s client confidence report, earlier than deciding which course to take.
Nonetheless, 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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