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.
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.
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.
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).
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.