• Bitcoin (BTC) fell back below $24,000 on Feb. 24, as markets anticipated the release of the upcoming consumer sentiment figures from the United States.
• Ethereum (ETH) marginally retreated from Thursday’s high.
• The University of Michigan report is expected to show an increase in confidence, despite current inflationary pressures.
Bitcoin Technical Analysis
Bitcoin (BTC) was once again trading below $24,000 on Friday, as markets began to anticipate the release of U.S. consumer sentiment data. BTC/USD fell to an intraday low of $23,693.92 earlier in today’s session, less than 24 hours after hitting a peak of $24,177.57. Today’s move comes as bitcoin was unable to sustain a recent breakout of a long-term ceiling at $24,200.
Looking at the chart, the 14-day relative strength index (RSI) also experienced a breakout, with the index moving below a floor at 58.00 Currently, the index is tracking at a reading of 55.97, with the next visible point of support at the 53.00 zone. Should bears attempt to reach this level, there is a strong chance that bitcoin will be trading under $23,000.
Ethereum Technical Analysis
In addition to BTC, ethereum (ETH) fell from Thursday’s high, with the cryptocurrency also impacted by today’s increased volatility following a high of $1,666.13 during yesterday’s session ETH/USD slipped to a low of $1,632.57 on Friday and moved further away from its long-term ceiling at $1