Bitcoin, Ethereum Technical Analysis: BTC Nears Breakout Below $29K, With Key US Economic Events Looming

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Bitcoin neared a breakout below the $29,000 level on Monday, as traders prepared for this week’s Federal Reserve rate decision. In addition to the Fed meeting, consumer confidence data will also be released from the United States. Ethereum hit a three-week low.

Bitcoin

Bitcoin (BTC) was on the brink of falling outside of the $29,000 mark on Monday, as traders began to prepare for a big week of economic data.

Following Sunday’s high of $30,330.64, BTC/USD slipped to an intraday low of $29,068.48 earlier in the session.

This drop has resulted in bitcoin falling to its weakest point since June 21, which is the last time price was below $29,000.

Overall, bitcoin is over 3% lower than at the same time last week, with today’s sell-off coming when the relative strength index (RSI) fell below a floor of 45.00.

Currently, price strength is tracking at 42.93, with the next visible resistance point at the 41.00 mark.

Should the index reach this level, it is highly likely that BTC will be trading around the $28,800 level.

Ethereum

Additionally, ethereum (ETH) also edged lower to start the week, once again dropping below $1,900.

ETH/USD slipped to a bottom at $1,837.98 earlier in the day, which comes less than 24 hours after peaking at $1,904.48.

Similar to BTC, ethereum has moved to a multi-week low as a result, with the price trading at its weakest point since June 8.

A downward crossover of the 10-day (red) and 25-day (blue) moving averages has also occurred, which is a sign of potential bearish sentiment.

Further, the RSI is now at a reading of 44.67, which is its lowest point since June 19, when price was last under $1,800.

Bears may make another attempt to leave the $1,800 mark in the coming days.

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Will markets consolidate ahead of the rate decision? Leave your thoughts in the comments below.