Bitcoin continued to trade below $20,000 on Friday as market sentiment remained virtually unchanged heading into the weekend. The world’s largest cryptocurrency attempted to climb towards this milestone, but declined as it encountered a hurdle on the Relative Strength Index (RSI). Ethereum also remained largely unchanged as markets braced 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 towards $20,000 in today’s session, reaching 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 an increase in confidence.
Looking at the chart, BTC/USD also stagnated after hitting a high on the 14-day Relative Strength Index (RSI).
At the time of writing, the index sits at 46.45 as price strength continues to move away from its recent high of 49.00.
The bulls will likely make another run towards the $20,000 price, however, we likely won’t see it hit until the aforementioned resistance is broken.
On Friday, Ethereum (ETH) was once again trading near a key support point, with prices of the token also consolidating.
Since hitting a high of $1,346.13 earlier today, ETH/USD has fallen as price uncertainty remains elevated.
As of this writing, the world’s second largest cryptocurrency is trading at $1,332.67, which is slightly above its low of $1,330.
As with bitcoin, the 14-day RSI is also hovering below a ceiling, in this case the 42.00 level, which has been in place for a fortnight.
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 turn out better than the markets’ initial forecasts.
Register your email here to receive weekly price analysis updates delivered to your inbox:
What do you think is causing Ethereum consolidation? Leave your thoughts in the comments below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.