Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US GDP, Consumer Sentiment Data

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US GDP, Consumer Sentiment Data


Cryptocurrencies continued to consolidate recent gains on Jan. 24, as markets prepared for a big week of U.S. economic data. Gross domestic product (GDP) figures for Q4 2022 will be released on Thursday, followed by consumer sentiment data the day after. Ethereum also secured recent gains in today’s session, with prices nearing a move below $1,600.

Bitcoin

Bitcoin (BTC) consolidated for a third straight day, as traders continued to secure gains from Saturday, when prices rose to a five-month high.

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Despite consolidating, BTC/USD remained above $23,000 for most of today’s session, hitting a high of $23,134.01 in the process.

This comes less than 24 hours after it was trading at a low of $22,654.30, which is near a short-term support at $22,500.

Looking at the

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