BTC Moves Above $17,000 On Wednesday – Market Updates Bitcoin News
Bitcoin moved to $17,000 on Wednesday as markets continued to digest the US consumer confidence report. Consumer confidence fell to its lowest level since July, despite inflation easing in the world’s biggest economy. Ethereum remained higher, approaching $1,300.
Bitcoin
Bitcoin (BTC) briefly rose above $17,000 in today’s session as traders reacted to the latest US consumer confidence report.
Despite falling to a six-month low, the decline in confidence was smaller than expected, which was a relatively positive sign for markets.
After a low of $16,366.66, BTC/USD rose to an intraday high of $17,021.67 earlier in the day.
However, after the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to lock in gains, exiting their positions in the process.
At the time of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.
Should price strength continue in an upward direction, and move past this upcoming hurdle, bitcoin could extend today’s rally.
Ethereum
Like BTC, ethereum (ETH) also rallied on Wednesday as prices rallied for a second successful session.
ETH/USD hit a high of $1,276.55 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,205.78.
As a result of today’s gains, the world’s second largest cryptocurrency reached its highest point since November 15.
Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.
In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.
The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin peaked at $1,307.
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