Bitcoin and Ethereum consolidate ahead of US GDP release

Bitcoin remained near the $17,000 level during today’s session, with the global market cap trading 0.01% lower at the time of writing. Ethereum was largely unchanged, with prices continuing to trade above $1,200.


Bitcoin continued to consolidate ahead of this afternoon’s release of third quarter GDP data in the United States. This afternoon’s numbers are expected to show 2.9% growth in the quarter, while inflation in the U.S. has begun to slow.

Bitcoin hit a high of $16,895.71 before the data was released, which is slightly higher than Wednesday’s low of $16,755.91.

Technical analysis of bitcoin, ethereum: BTC and ETH consolidate ahead of US GDP release.

Looking at the chart, today’s consolidation comes as the 14-day Relative Strength Index (RSI) continues to hover near a support point at 46.00. At the time of writing, the index is at the 46.49 level and could break out from that point at any time.

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If that happens, bearish sentiment will likely return to the market, with prices heading toward $16,500.


Ethereum also consolidated in today’s session, with bulls managing to keep prices above the $1,200 level. After a low of $1,208.03 in Tuesday’s session, Ethereum was marginally higher on Thursday, as it reached a high of $1,219.61.

The move sees the world’s second-largest crypto-currency continue to be a stone’s throw away from a ceiling at $1,230.

Technical analysis of bitcoin and ethereum: BTC and ETH consolidate before the release of the US GDP.

Despite the prospect of higher highs, overall momentum looks relatively bearish, with the 10-day moving average (red) extending a crossover with its 25-day counterpart (blue).

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As can be inferred from the chart, the RSI also appears poised for a downtrend, as it has failed to break out from its current ceiling at 47.00.

For bullish sentiment to return, it is likely that a move above this resistance will need to take place.

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