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Bitcoin and ethereum have been buying and selling decrease on Feb. 28, as markets anticipated the discharge of the upcoming U.S. client confidence report. The information, which is for February, is anticipated to indicate a slight enhance in confidence for the month. This can doubtless consequence within the Federal Reserve sustaining its fee hike coverage subsequent month.
Bitcoin
Bitcoin (BTC) fell for a second straight session on Tuesday, as costs flirted with a breakout under $23,000.
BTC/USD moved to an intraday low of $23,205.88 earlier in right now’s session, which comes lower than 24 hours after hitting a excessive of $23,857.89.
The transfer comes after bulls have been unable to leap again above the $24,000 mark on Monday, with bears utilizing this as a possibility to reenter.
Wanting on the chart, the 14-day relative power index (RSI) additionally failed to interrupt out of a resistance of its personal at 53.00
On the time of writing, the index is buying and selling at 52.46, with bitcoin barely greater than its earlier low.
BTC is now buying and selling at $23,466.92, with a transfer again in the direction of $23,800 nonetheless on the playing cards.
Ethereum
Along with bitcoin, ethereum (ETH) additionally stuttered in right now’s session, with costs shifting near the $1,600 degree.
Following a excessive of $1,662.58 to begin the week, ETH/USD fell to a backside of $1,615.39 earlier within the day.
This latest decline comes after a failed try to maneuver previous a long-term resistance degree of $1,675.
Moreover, value power has additionally hit a ceiling on the 53.00 mark, with the index monitoring at 52.74.
Finally this consolidation, which is sort of an identical to bitcoin’s, comes as markets anticipate this afternoon’s client confidence report, earlier than deciding which path to take.
Nevertheless, ought to ETH bulls break the 53.00 ceiling on the RSI, there’s a good likelihood that value may very well be heading to or above $1,700.
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