On March 2, cryptocurrency markets experienced losses, with Bitcoin and Ethereum both slipping, due to weak economic data from the United States. The country’s manufacturing sector shrank for the fourth consecutive month in February, and consumer confidence also declined during the period. Ethereum retreated from its previous day’s high
Bitcoin (BTC) fell lower in today’s session, as markets reacted to news that the U.S. manufacturing sector remained in contraction territory.
In its monthly report, the ISM’s manufacturing index came in at 47.7, and typically any reading below 50.00 indicates contraction.
As a result of this, BTC/USD slipped to an intraday low of $23,374.66, which comes a day after trading at a high of $23,821.15.
The drop came as bitcoin bulls were unable to sustain a breakout above a resistance level of $23,800.
Additionally, the 14-day relative strength index (RSI) has also declined, following a failed breakout of a ceiling at 55.00
At the time of writing, price strength is tracking at 51.32, which is close to a long-term floor at 50.00.
Ethereum (ETH) also erased Wednesday’s gains, with the world’s second largest cryptocurrency failing to break a ceiling of its own.
Following a high of $1,672.05 on hump-day, ETH/USD dropped to a bottom of $1,635.85 earlier in Thursday’s session.
The move occurred as ethereum buyers were not able to push price above resistance at $1,675 during yesterday’s rally.