BTC, ETH Continue to Consolidate as USD Strengthens – Market Updates Bitcoin News
Bitcoin consolidated on Wednesday as the US dollar continued to strengthen against several G7 currencies. A strong dollar means demand for cryptocurrencies typically falls, with the global market capitalization trading in the red at the time of writing. Ethereum was also lower today, falling as it held below $1,300.
Bitcoin
Bitcoin (BTC) continued to consolidate in today’s session, as prices hovered around the $17,000 mark on the hump day.
After a low of $16,939.92 on Tuesday, BTC/USD rallied to an intraday high of $17,109.38 earlier in today’s session.
The move saw bitcoin continue to trade below the recent resistance level of $17,180, which has largely been in place for the past month.
Looking at the chart, the consolidation comes as the Relative Strength Index (RSI) also held below its own ceiling of 50.00.
At the time of writing, the index is following the 47.80 level, and appears to be headed for a floor at the 45.80 mark.
Should we see this decline occur, BTC is likely to trade at a support point at $16,800 in the coming days.
Ethereum
In addition to bitcoin, ethereum (ETH) was also in the red during Wednesday’s session, following a false breakout of a key resistance point.
ETH/USD held below the long-term ceiling of $1,300 today, which comes as volatility in crypto markets increased.
The world’s second-largest cryptocurrency fell to a low of $1,247.63, less than 24 hours after hitting a high of $1,272.69.
As the chart shows, this took place despite the 10-day (red) moving average still being slightly higher.
However, momentum appears to be shifting slowly, with the RSI at 49.56, which is below a ceiling of 51.00.
Turbulence in the market could continue until next week’s Federal Reserve meeting, where the bank is expected to reverse its current policy.
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Do you expect Ethereum to fall to a floor of $1,175 before the Fed meeting? Leave your thoughts in the comments below.
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