Bitcoin price on Wednesday as US dollar continues hardened. Harden against some G7 currencies. A strong dollar means that demand for cryptocurrencies usually plummets, with global market capitalization trading in the red at the time of writing. Ethereum also fell today, remaining below $1,300. Consolidating, the price hovered around $17,000 on hump day.
Following Tuesday’s low of $16,939.92,BTC/USD raced to an intraday peak of $17,109.38 early in today’s session.
The move has kept Bitcoin trading below the recent resistance level of $17,180, which was set for most of the last month.
chart, the consolidation can also be seen as the Relative Strength Index (RSI). remained below its own upper limit of 50.00.
As of this writing, the index is currently hovering at the 47.80 level and appears to be heading for a bottom at the 45.80 mark.
If we see this drop,BTC could trade at the $16,800 support point 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. I was.
ETH/USD has broken below today’s long-term cap of $1,300 due to increased volatility in cryptocurrency markets.
Less than 24 hours after hitting a high of $1,272.69, the world’s second-largest cryptocurrency hit a low of $1,247.63.
As you can see from the chart, this is the 10 day (red) moving average line is still slightly on the rise.
Momentum seems to be slowly changing, but the RSI is currently tracking 49.56, which is below the 51.00 cap.
The market turmoil could continue until next week’s Federal Reserve Board meeting, where banks are expected to reverse their current policies.
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