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

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

by Lottar

Bitcoin continued to trade below $20,000 on Friday as market sentiment remained mostly unchanged heading into the weekend. The world’s largest cryptocurrency attempted to climb to this milestone, but declined as it encountered a hurdle on the Relative Strength Index (RSI). Ethereum was also largely unchanged as markets prepared for the release of US consumer data.


Bitcoin (BTC) prices continued to consolidate on Friday as market sentiment remained largely unchanged heading into the weekend.

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

Today’s turmoil comes ahead of the latest US consumer sentiment report, which is expected to show a rise in confidence.

BTC/USD – Daily Chart

Looking at the chart, BTC/USD also stalled after hitting a ceiling on the 14-day Relative Strength Index (RSI).

At the time of writing, the index is trading at 46.45 as price strength continues to fall away from its recent ceiling of 49.00.

Bulls will likely make another run towards the $20,000 price point, but we likely won’t see it reach it until the above resistance is broken.


Ethereum (ETH) traded near a key support point again on Friday as prices of the token also consolidated.

Since hitting a high of $1,346.13 earlier in the day, ETH/USD has fallen as price uncertainty remains high.

At the time of writing, the world’s second largest cryptocurrency is trading at $1,332.67, which is slightly above the floor of $1,330.

ETH/USD – Daily Chart

As with bitcoin, the 14-day RSI is also moving below a ceiling, in this case the 42.00 level, which has been in place for the past two weeks.

This has contributed to the sideways trajectory of the token, which appears to be stabilizing, following the recent Merge event.

This afternoon’s consumer sentiment report could act as a trigger to end this period of consolidation, should the data be bigger than markets initially predicted.

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What do you believe is causing ethereum to consolidate? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic point of view to market analysis, having previously been a brokerage director and retail educator. Currently he acts as a commentator on various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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