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BTC Approaches $17,000 Ahead of Christmas – Bitcoin News Market Update

Bitcoin rallied closer to the $17,000 level on Saturday, despite crypto markets largely consolidating at the start of the week. The global cryptocurrency market cap is down 0.32% at the time of writing. Ethereum was also higher earlier in the day, with prices near the $1,230 level.

Bitcoin

Bitcoin (BTC) remained below the $17,000 level to start the weekend as prices continued to consolidate despite earlier gains.

BTC/USD hit a high of $16,905.22 earlier in today’s session, which comes a day after the price bottomed at $16,793.53.

The move saw the world’s largest cryptocurrency continue to trade above the key support point at $16,800.

BTC/USD – Daily chart

As can be seen from the chart, earlier gains have been pared somewhat, as the 14-day Relative Strength Index (RSI) failed to break above the ceiling at 48.00.

The index is currently trading at 46.72 and the bulls are still trying to break above the aforementioned resistance point.

On the other hand, if price strength falls below the 45.00 level, Bitcoin is likely to move towards the $16,000 level.

Ethereum

In addition to BTC, ethereum (ETH) also consolidated to start the weekend, with prices approaching a key resistance level.

After a low of $1,216.34 on Friday, ETH/USD touched a high of $1,227.00 earlier in today’s session.

As a result of today’s move, Ethereum once again attempted to break the key ceiling at the $1,230 level.

ETH/USD – Daily chart

Looking at the chart, the breakout did not occur, mainly because the RSI also remained below its own ceiling at 47.50.

At the time of writing, the index is tracking at 47.12, with momentum appearing to be weaker as a result of the direction of the moving averages (MA).

The 10-day (red) MA extended its downward crossover with its 25-day (blue) counterpart, which is usually a bearish sign.

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Could market sentiment change ahead of Christmas? Leave your thoughts in the comments below.

Eliman Dumbell

Elliman brings an eclectic point of view to market analysis, having previously served as a brokerage director and retail educator. He currently works as a commentator in various asset classes including crypto, stocks and currency.




Image Credits: Shutterstock, Picabai, Wiki Commons

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