Bitcoin (BTC)Crypto News

BTC consolidates ahead of big week of economic data – market updates

Bitcoin consolidated below $24,000 on Feb. 27 as cryptocurrency markets braced for a big week of economic data. Durable goods orders from the United States are due later in the day, with consumer confidence numbers set for Tuesday. Ethereum bounced back above $1,600 after a breakout on Sunday.


Bitcoin (BTC) has broadly consolidated in today’s session as markets brace for a big week of US economic data.

After hitting a low of $23,165.23 on Sunday, BTC/USD surged to an intraday high of $23,654.37 earlier in today’s session.

The move comes as bitcoin bulls continued higher after a break above $23,000 on Saturday.

Since hitting the daily high, prices have slipped somewhat, with the largest cryptocurrency in the world is currently trading at $23,408.54.

This appears to be due to the fact that the 14-day relative strengthindex (RSI) failed to break above 53.00 resistance level

As of this writing, the index is currently tracking a level of 51.95 with the next visible support point at 50.00.


Ethereum (ETH), on the other hand, was mostly bullish at the start of the week, with prices rallying back above $1,600.

ETH/USD, which fell to a low of $1,597.21 on Sunday, rose to a high of $1,645.91 earlier in the day.

Prices have been up for most of the past few days after falling to a low of $1,557 earlier in the weekend.

As with bitcoin, earlier gains have faded as the RSI hit a wall at the 54.00 level.

Since this collision, price strength has waned, with the RSI now sitting at 53.04 and ETH trading at $1,638.06.

If the ETH bulls intend to push the price back towards $1,700, the first step on that path would be to surpass the 54.00 ceiling.

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BTC consolidates ahead of big week of economic data – market updates, Crypto Trading News

Eliman Damell

Eliman was previously a director of a London based brokerage firm while also being an onlineTrading-Teacher. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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