• Bitcoin (BTC) fell below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data.
• Ethereum (ETH) was once again trading below $1,800, as prices failed to breakout from a recent key resistance point.
• The University of Michigan releases its monthly consumer sentiment report, which is expected to come in lower than February’s sum.
Bitcoin Drops Below $28K
Bitcoin (BTC) fell below the $28,000 level on Friday, as markets consolidated ahead of a key day of economic data. BTC/USD slipped to an intraday low of $27,583.72 in today’s session, which comes a day after the price rose to a high of $28,683.53.
Ethereum Fails To Breakout
Ethereum (ETH) was once again trading below $1,800, as prices failed to breakout from a recent key resistance point. Following a high of $1,827.28 on Thursday, ETH/USD fell to an intraday low of $1,766.25 in today’s session. Friday’s sell-off transpired as ETH bulls were unable to move beyond a long-term ceiling at $1,830.
University Of Michigan Data Release
The University of Michigan releases its monthly consumer sentiment report later today which is expected to come in lower than February’s sum and could have an effect on the crypto market depending on how much it differs from analysts‘ expectations and predictions.
RSI Reading
Overall it appears that earlier bulls moved secure gains as the 14-day relative strength index (RSI) collided with a ceiling at 65 and has since been tracking at the 60-level mark which is marginally above 59 – indicating some bullish sentiment still remains in the market despite prices failing to break out from their current range bounded by support and resistance levels..
Biggest Movers
Cardano was one of the biggest movers this week having risen by nearly 30% over the week – climbing from around 0.30 USDT last week up to around 0.40 USDT this week due largely do investors increasing confidence in its blockchain technology and potential applications for smart contracts making it one cryptocurrency worth keeping an eye on going forward into April 2021..