Bitcoin remained close to a four-week low on Tuesday, as prices fell to a support point around $27,000. The decline came ahead of this afternoon’s US consumer confidence report, which is expected to fall from 104.2, to a reading of 104 in April. Ethereum was also lower, and approached a breakout below the $1,800 level.
bitcoin (BTC) continued to trade near a one-month low, as markets prepared for the upcoming consumer confidence report in the United States.
Following a high of $27,701.26 during yesterday’s session, BTC/USD fell to a low of $27,070.85 on Tuesday.
This is the weakest point that bitcoin has fallen since March 28, which is when it last traded below $27,000.
Looking at the chart, it appears that this drop took place as the relative strength index (RSI) moved back towards a floor at 41.00
At the time of writing, price strength is tracking at 43.14, following a failed breakout of a ceiling at 45.00.
Should bears push the index below 41.00, there is a good chance that BTC will move to a lower floor at $26,500.
Ethereum (ETH) was also in the red in today’s session, with bears pushing the price towards the $1,800 mark.
ETH/USD dropped to an intraday low of $1,807.74 on Tuesday, following a high at $1,874.11 the day prior.
Tuesday’s slippage came as ethereum fell below its recent support point at the $1,830 mark, which had been in place since April 4.
From the chart, this latest downturn came after the RSI indicator collided with a ceiling at the 48.00 level.
Price strength is now tracking at 43.67, with a support point at 42.00 a potential target for bears should momentum continue in its current direction.
The 10-day (red) moving average is now also nearing a cross with its 25-day (blue) counterpart, which could be a sign of upcoming declines.
Register your email here to get weekly price analysis updates sent to your inbox:
Will crypto prices rebound following today’s consumer confidence report? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.