On January 31, Bitcoin slipped below $23,000 after recently rising to a five-month high over the weekend. Since then, market volatility has grown as traders get ready for a strong run of American economic data over the next several days. The Federal Reserve’s policy meeting is on Wednesday, and the Conference Board will release its report on consumer confidence later today. Additionally, Ethereum decreased today.

Bitcoin

Following a recent five-month high on Tuesday, Bitcoin (BTC) prices have since declined, with prices in today’s session dropping under the $23,000 level.

BTC/USD fell to a low of $22,657.58 earlier in the day, less than 24 hours after hitting a high at $23,296.53.

The action is being taken as traders seem to have locked up profits from recent price increases and ahead of the next Federal Reserve policy announcement.

The relative strength index (RSI), which also hit a floor today, can be seen on the chart as BTC moved closer to a price floor at $22,500.

Currently, the index is tracking at 68.78, marginally above its long-term support point at 68.00.

Bulls who rejected an earlier breakthrough may aim for a ceiling of 77.00, but it’s more likely that prices will consolidate until this week’s fundamentals have settled.

Ethereum

Today’s session saw losses for both BTC and ethereum (ETH), with prices dropping even lower than $1,600.

Following a week-opening high of $1,595.86, ETH/USD fell to an intraday low of $1,546.66 on Tuesday.

The second-largest cryptocurrency in the world has largely stabilised since reaching a then four-month high of $1,680 on January 21.

Due to prices being extremely overbought and the RSI ranging between 70.00 and 87.00, many market participants partially anticipated this.

Price strength has since weighed heavily, and at the time of writing, the index is currently tracking at 57.02.

ETH has already rebounded from earlier lows, and is currently trading at $1,571.37, with bulls sure to make another run towards the $1,600 zone.

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Do you expect ethereum to rise back above $1,600 this week? Leave your thoughts in the comments below.

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