HomeCoinsEthereum (ETH)BTC Moves Above $17,000 on Wednesday – Market Updates Bitcoin News

BTC Moves Above $17,000 on Wednesday – Market Updates Bitcoin News

- Advertisement -


Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.

Bitcoin

Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.

Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.

Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.

BTC Moves Above $17,000 on Wednesday – Market Updates Bitcoin News
BTC/USD – Daily Chart

However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.

As 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 beyond this upcoming obstacle, then bitcoin could extend today’s rally.

Ethereum

Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.

ETH/USD hit a peak 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 hit its highest point since November 15.

BTC Moves Above $17,000 on Wednesday – Market Updates Bitcoin News
ETH/USD – Daily Chart

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 was at a peak of $1,307.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.

BTC Moves Above $17,000 on Wednesday – Market Updates Bitcoin News
Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 23,444.28
ethereum
Ethereum (ETH) $ 1,666.32
tether
Tether (USDT) $ 0.999966
bitcoin-cash
Bitcoin Cash (BCH) $ 137.66
litecoin
Litecoin (LTC) $ 100.20
eos
EOS (EOS) $ 1.10
okb
OKB (OKB) $ 41.07
tezos
Tezos (XTZ) $ 1.14
leo-token
LEO Token (LEO) $ 3.39
cardano
Cardano (ADA) $ 0.405253
monero
Monero (XMR) $ 171.46
stellar
Stellar (XLM) $ 0.09283
chainlink
Chainlink (LINK) $ 7.29
huobi-token
Huobi (HT) $ 5.75
tron
TRON (TRX) $ 0.064141
usd-coin
USD Coin (USDC) $ 0.999513
dash
Dash (DASH) $ 62.97
neo
NEO (NEO) $ 8.94
iota
IOTA (MIOTA) $ 0.237464
nem
NEM (XEM) $ 0.040686
zcash
Zcash (ZEC) $ 46.95
maker
Maker (MKR) $ 698.79
paxos-standard
Pax Dollar (USDP) $ 0.992483
ethereum-classic
Ethereum Classic (ETC) $ 23.19
vechain
VeChain (VET) $ 0.024804
true-usd
TrueUSD (TUSD) $ 1.00
kucoin-shares
KuCoin (KCS) $ 8.75
waves
Waves (WAVES) $ 2.91