On Thursday, most cryptocurrency values remained relatively stable, maybe in anticipation of forthcoming GDP statistics from the United States. During today’s session, the price of bitcoin remained very close to $17,000, while the total market cap was trading 0.01% lower as of the time of writing. The price of ether remained relatively stable throughout the day, maintaining a position over $1,200.
Bitcoin (BTC) prices continued to move closer together ahead of the release of GDP data for the third quarter from the United States this afternoon.
As inflation in the United States began to slow down, the data that will be released this afternoon are anticipated to show increase of 2.9% in the quarter.
Before the data was released, the Bitcoin to US Dollar exchange rate reached a high of $16,895.71, which is only a tad higher than Wednesday’s low of $16,755.91.
Taking a look at the chart, we can see that today’s consolidation took place as the relative strength index (RSI) for the past 14 days continued to linger close to a support level at 46.00.
As this article is being written, the index is showing that it is maintaining its position at the 46.49 level, and it is possible that it will be ready to break out of this point at any minute.
In the event that this transpires, pessimistic sentiment will most certainly return to the market, and prices will most likely move closer to $16,500.
In today’s session, Ethereum (ETH) prices also consolidated, with bulls able to keep prices above the $1,200 barrier for the majority of the day.
The exchange rate for ETH/USD reached a session high of $1,219.61 on Thursday, a slight improvement from Tuesday’s session low of $1,208.03, when it reached a session low.
As a result of this development, the world’s second most valuable cryptocurrency will continue to be within spitting distance of a ceiling located at $1,230.
In spite of the possibility of higher highs, the general momentum appears to be quite negative. This is evidenced by the fact that the 10-day moving average (shown in red) is prolonging a crossover with its 25-day counterpart (shown in blue).
As can be concluded from looking at the chart, the relative strength index (RSI) appears to be heading for a downward trend since well, as it was unable to break out of its present ceiling, which is set at 47.00
It is likely that a move beyond this resistance will be required before bullish emotion can make a comeback. In order for this to happen, however, the sentiment must first be broken.