Cryptocurrency prices mostly consolidated on Thursday, ahead of upcoming GDP figures from the United States. Bitcoin remained close to the $17,000 level in today’s session, with the global market cap trading 0.01% lower as of writing. Ethereum was largely unchanged, as prices continued to trade above $1,200.
Bitcoin (BTC) continued to consolidate ahead of this afternoon’s third quarter GDP data from the United States.
This afternoon’s figures are expected to show growth of 2.9% in the quarter, as inflation in the U.S. began to slow down.
BTC/USD hit a high of $16,895.71 ahead of the data release, which is marginally higher than Wednesday’s bottom at $16,755.91.
Looking at the chart, today’s consolidation comes as the 14-day relative strength index (RSI) continued to hover near a support point at 46.00.
As of writing, the index is tracking at the 46.49 level, and could be set to break out of this point at any moment.
Should this occur, bearish sentiment will likely return to the market, with prices heading towards $16,500.
Ethereum (ETH) also consolidated in today’s session, with bulls managing to keep prices above the $1,200 level.
Following a low of $1,208.03 in Tuesday’s session, ETH/USD was marginally higher on Thursday, as it rose to a peak of $1,219.61.
The move sees the world’s second largest cryptocurrency continue to be a stone’s throw away from a ceiling at $1,230.
Despite the prospect of higher highs, overall momentum seems relatively bearish, with the 10-day (red) moving average extending a crossover with its 25-day (blue) counterpart.
As can be deduced from the chart, the RSI also looks set for a down trend, as it failed to break out of its current ceiling at 47.00
In order for bullish sentiment to return, it is likely that a move beyond this resistance will need to take place.
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Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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