Bitcoin Falls Below $24K Ahead of US Consumer Sentiment Data
• Bitcoin fell back below $24,000 on Feb. 24, as markets anticipated the release of the US consumer sentiment figures.
• Ethereum also retreated from Thursday’s high, impacted by increased volatility.
• The report from the University of Michigan is expected to show an increase in confidence.
Bitcoin (BTC) dropped below $24,000 on Friday, as investors began to anticipate the release of U.S. consumer sentiment data. The 14-day relative strength index (RSI) experienced a breakout, with the index moving below a floor at 58.00 Currently, the RSI is tracking at a reading of 55.97, with the next visible point of support at 53.00 zone which could lead to BTC trading under $23,000 if bears attempt to reach this level.
Ethereum (ETH) saw prices slip from Thursday’s highs of $1,666 down to an intraday low of $1,632 on Friday due to increased volatility in the markets and failure to sustain a recent breakout above its long-term ceiling at $1,675. Price strength appears to have found a floor at 54.00 and is currently hovering above this point while the 10-day (red) moving average is upward facing which may indicate an upcoming rally for ETH/USD pairings..
US Consumer Sentiment Data
The upcoming consumer sentiment figures from the United States are expected to show an increase in confidence despite current inflationary pressures being experienced in markets across all asset classes including crypto assets such as Bitcoin and Ethereum .
With increasing volatility in both Bitcoin and Ethereum ahead of U.S consumer sentiment data release later today investor caution should be exercised as bearish market conditions could lead BTC/USD pairings under $23k if bears attempt to reach 53 RSI levels while ETH/USD could rally should price strength remain above 54 and 10-day MA indicate further upside potential for etherum prices ahead of key news events influencing cryptocurrency markets across all asset classes .