Bitcoin

BTC, ETH Consolidate Ahead of US Retail Sales Data – Market Updates Bitcoin News

May 16, 2023

Bitcoin consolidated below a key price floor on Tuesday, as markets were preparing for upcoming U.S. retail sales figures. Following two months of declines, sales in the United States are expected to rebound, as inflation cools off. Ethereum remains above the $1,800 level.

Bitcoin

Bitcoin (BTC) consolidated in today’s session, as markets were preparing for the release of the latest U.S. retail sales figures.

As inflation falls, sales for April are expected to rise by 0.8%, following two consecutive months of declines.

Following an earlier high of $27,646.35, BTC/USD slipped to an intraday low of $26,878.95 on Tuesday.

Price has since rebounded, and at the time of writing, bitcoin is trading at $27,097.23.

A failed breakout of the 42.00 mark on the relative strength index (RSI) appears to have played a pivotal role in today’s decline.

The index is now tracking at 41.06, with a floor at 38.00 a potential target, should momentum continue to depreciate.

Ethereum

Despite a brief breakout below the $1,800 level, ethereum (ETH) was largely stable on Tuesday.

ETH/USD hit a high of $1,845.70 earlier in the day, which follows on from a bottom at $1,797.84 to start the week.

The world’s second largest cryptocurrency has since declined, and at the time of writing is trading at $1,817.12.

This is close to a price floor at $1,820, which has been in place since last Wednesday, when price was on day five of a six-day losing streak.

Price strength has also contributed to the current volatility. Similar to BTC, the index is hovering below a key resistance level.

Should it move beyond a reading of 45.00, there is a good chance that the ETH bulls will make another run for the $1,900 level.

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Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.