- Bitcoin: Bitcoin (BTC) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session.
- Ethereum: Ethereum also moved lower today, with prices falling further below $1,600.
- US Economic Data: Market volatility has increased as traders prepare for a big few days of economic data from the United States.
Bitcoin Technical Analysis
Bitcoin (BTC) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session. The move comes as traders appear to have secured gains from recent surges in price, and ahead of the upcoming Federal Reserve policy decision. BTC/USD – Daily Chart shows that today’s drop saw BTC move closer to a price floor at $22,500, with the relative strength index (RSI) hitting a floor of its own. Currently, the index is now tracking at 68.78 which is marginally above its long-term support point at 68.00.
Ethereum Technical Analysis
In addition to BTC, ethereum (ETH) was also in the red in today’s session, with prices falling further below $1,600. Following a high of $1,595.86 to start the week ETH/USD slipped to an intraday bottom of $1,546.66 on Tuesday. Many in the market somewhat saw this coming due to prices being significantly overbought and at the time of writing; The RSI is currently tracking at 57.02 .ETH has already rebounded from earlier lows and is currently trading at 1$571.37 ,with bulls sure to make another run towards the $1 600 zone .
Key Week Of US Economic DataMarket volatility has since increased as traders prepare for a big few days of economic data from the United States .The conference board will release its consumer confidence report later today ,with Federal Reserve holding its policy meeting on Wednesday .
ExpectationsDo you expect ethereum to rise back above $1 600 this week ?Leave your thoughts in comments below .
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Bitcoin and Ethereum both moved lower today ,as market volatility increases ahead of key week of US economic data .It remains uncertain whether etherium will rise back above 1$600 this week but many are optimistic about it .
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