Cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) had a volatile trading session today, with BTC trading below $28,000 and ETH trading slightly below $1,800. As markets consolidate ahead of the University of Michigan's consumer sentiment report release, investors are hoping for a positive response to today's news.

Bitcoin (BTC) dropped below the $28,000 level, with the intraday low at $27,583.72. This slight downward dip follows the previous day's nine-month high of $28,683.53. The 14-day Relative Strength Index (RSI), which tracks price strength and measures values between 0 and 100, is currently at 60.84 but had a brief collision with the ceiling of 65.00. It may be possible to gauge traders' sentiments following the report's release in the afternoon.

Ethereum (ETH) also mirrored BTC's downward trend, sliding to an intraday low of $1,766.25 following the high of $1,827.28 from Thursday. ETH bulls were unable to push the price past a long-term resistance level at $1,830, leading to the short-term sell-off. Despite the drop, the RSI is still slightly above the lower floor of 52.00, registering at 57.35. In order to see ETH's price return to the $1,800 mark, the RSI must breach the next resistance at 58.00.

Today's market performance of Bitcoin and Ethereum is indicative of investors closely watching the University of Michigan's consumer sentiment report, scheduled to be released today. This report serves as a barometer to measure consumer's confidence in the economy, which could, in turn, influence their investment decisions. As the market waits for further clarity, speculation and fluctuations in value can be expected.



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