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
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.
Ethereum
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.
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