Bitcoin Slips Below $34,000 Ahead of Consumer Sentiment Report
In today’s session, Bitcoin slipped below the $34,000 level as traders awaited the upcoming consumer sentiment report in the United States. The U.S. economy saw growth of 4.9% in Q3, driven by consumer spending, according to data released on Thursday. This decline caused Bitcoin to move away from its recent 18-month high as bearish sentiment started to dominate the market.
Despite this dip, Bitcoin remains about 15% higher than it was at the same time last week.
Ethereum Falls Below $1,800
Ethereum also experienced a drop in today’s session, falling below the $1,800 mark. After reaching a high of $1,857.81 on Thursday, Ethereum dropped to a low of $1,764.01 earlier in the day. This decline ended a seven-day bull run for Ethereum and pushed it away from its multi-month high.
The Relative Strength Index (RSI) failed to breach a resistance level of 74.00 and is now tracking at a reading of 71.13. Traders holding long positions may consider reconsidering if the index falls below the 70.00 mark.
Hot Take: Market Consolidation Continues for Bitcoin and Ethereum
Bitcoin slipped below $34,000 and Ethereum fell below $1,800 as market consolidation continues. Traders are eagerly awaiting the U.S. consumer sentiment report while keeping an eye on economic growth data from Q3. Despite recent declines, both cryptocurrencies remain higher compared to previous weeks.
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