Tuesday, 7 March 2023
by Berkeley Lovelace
Bitcoin consolidated for a third straight session, as markets prepared for a big week of U.S. economic data. Later this week, nonfarm payrolls will be posted, with Federal Reserve chair Jerome Powell also speaking in the coming days. Ethereum also fell marginally lower to start the week.
Bitcoin (BTC) started the week in consolidation, ahead of a key week of economic data from the United States.
Following a high of $22,497.00 on Sunday, BTC/USD slipped to an intraday low of $22,331.31 earlier in the session.
As a result of the move, the world’s largest cryptocurrency sank closer to a recent support point at the $22,300 zone.
Overall, the recent rise in bearish sentiment has caused bitcoin to fall by as much as 5% in the last seven-day period.
A downward crossover between the 10-day (red), and 25-day (blue) moving averages has also transpired, which could be a sign of further sell-offs to come.
One positive comes in the form of the 14-day relative strength index (RSI), which is currently tracking above a floor at the 42.00 mark.
Similar to BTC, ethereum (ETH) remained mostly volatile during Monday’s session, as prices remained largely unchanged.
ETH/USD fell to a bottom at the $1,557.36 mark to start the week, a day after trading at a peak of $1,574.23.
This drop sees ethereum trade in the red for a fifth consecutive session, with its market cap down 5% within that period.
The 10-day (red) moving average has also moved below its 25-day (blue) counterpart, with support at $1,560 preventing further falls.
Additionally, the RSI has collided with a floor at 44.00, and as of writing, the index is slightly above this mark, with a reading of 44.28.
Should this area eventually give way, there is a good chance that ETH could fall below $1,500 this week.
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