As merchants await key US economic data this week, crypto markets have seen a slight decline in prices. Bitcoin dropped below the $23,000 level on Sunday, and volatility has increased since then. Later today the Conference Board will release its consumer confidence report and the Federal Reserve will be discussed at a meeting Wednesday.
Bitcoin
Bitcoin (BTC) has pulled back from its 5-month high on Tuesday. Prices are currently trading under the $23,000 level for the current session.
BTC/USD dropped earlier to $22,657.58, less than 24 hours after reaching a high of $23,296.53.
The pullback took place as traders look to take profit from the current price rally, and ahead of the Federal Reserve’s upcoming policy decision.
As seen from the chart, the current pullback has BTC approach a value low of $22,500. The Relative Strength Index (RSI) is at a personal low.
At the moment the index stands at 68.78, slightly higher than its long-term support level of 68.00.
A ceiling of 77.00 may be the target for bulls that reject an earlier breakout. Prices are likely to consolidate until the fundamental dust settles next week.
Ethereum
In addition to BTC and ETH, Ethereum also slipped during today’s session. Prices have fallen further below the $1,600 mark.
After reaching a high of $1,595.86 at the beginning of the week, ETH/USD dropped to an intraday low of $1,546.66 Tuesday.
The second largest cryptocurrency in the world has been largely consolidated since reaching a four-month high of $1,680 on Jan. 21.
