Crypto Market Update: BTC, ETH Lower Ahead of Key Week of US Data

• Bitcoin (BTC) fell below $23,000 on Jan. 31 as traders prepared for a big few days of economic data from the United States.
• Ethereum (ETH) also moved lower today, falling further below $1,600.
• The relative strength index (RSI) for both currencies is currently tracking at 68.78 and 57.02 respectively, indicating potential consolidation in prices until the dust settles from this week’s fundamentals.

Bitcoin Technical Analysis

Bitcoin (BTC) retreated from a recent five-month high on Tuesday, with prices falling below the $23,000 mark in today’s session. 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 move comes as traders appear to have secured gains from recent surges in price, and ahead of the upcoming Federal Reserve policy decision.

The relative strength index (RSI) for Bitcoin is currently tracking at 68.78, which is marginally above its long-term support point at 68.00. Although a ceiling of 77.00 could be the target for bulls who rejected an earlier breakout, it is likely that prices could consolidate until the dust settles from this week’s fundamentals.

Ethereum Technical Analysis

In addition to BTC, ethereum (ETH) was also in the red in today’s session, with prices falling further below $1,600 following a high of $1,595.86 to start the week and slipping to an intraday bottom of $1,546