April 1, 2023

Bitcoin Consolidates as Markets Await Key Economic Data

Bitcoin has remained in consolidation for a third straight session, as investors brace themselves for a big week of economic data from the United States. The world’s largest cryptocurrency started the week with a high of $22,497.00 on Sunday, before slipping to an intraday low of $22,331.31 earlier in the session. This has brought BTC/USD closer to a recent support point at the $22,300 zone.

The recent rise in bearish sentiment has caused bitcoin to fall by as much as 5% in the last seven-day period. A downward crossover between the 10-day (red) and 25-day (blue) moving averages has also transpired, which could be a sign of further downside pressure.

Investors are now looking ahead to a key week of economic data from the United States, with nonfarm payrolls set to be posted later this week. Federal Reserve Chair Jerome Powell is also scheduled to speak in the coming days, which could provide further insight into the central bank’s monetary policy.

Meanwhile, Ethereum (ETH) also fell marginally lower to start the week. The world’s second-largest cryptocurrency slipped by 0.5% to trade at $1,316. Despite the recent dip, ETH has still managed to gain over 80% in the last 30 days, outperforming bitcoin’s 50% gain over the same period.

Overall, the cryptocurrency market remains in a state of flux, with investors closely monitoring economic data and central bank policy for any signs of direction.

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