Bitcoin Weekend as Traders Gear Up It opened trading over $17,000 for next week’s Federal Reserve interest decision. The market now expects the Fed to continue raising rates on the back of stronger-than-expected rises in producer prices. Ethereum was mostly consolidated on Saturday, with the price moving towards the major price lowers.
Bitcoin (BTC) hits $17,000 to start the weekend despite near-consolidation of the cryptocurrency market remained above the level.
BTC/USD fell to an intraday low of $17,100.84 during Saturday’s session. This is the day after reaching a high of $17,280.55.
As a result of today’s drop,BTC continued below the recent resistance level of $17,200.
Charts show Bitcoin moving towards bottom This is because market volatility remains high today.
Turbulence occurred as the 14-day Relative Strength Index (RSI) continued to move between the lower bound of 50.00 and the upper bound of 52.00.
The bulls need to break through the 52.00 mark to fully regain market sentiment, which could return upward momentum.
Like Bitcoin, Ethereum (ETH) also consolidates to start the weekend, with price approaching a key point of support .
After peaking at $1,290.06 on Friday,ETH/USD moved to a bottom of $1,260.82 earlier in the day.
As a result of today’s drop, the world’s second largest cryptocurrency approaches its recent low of $1,230.
chart, today’s consolidation failed to break out as the bulls failed to break out It appears to have occurred at the $1,300 resistance point.
At the time of this writing, Ethereum appears to be heading toward his aforementioned $1,230 lower bound.
This is because the 10-day (red) moving average appears to have stopped its recent rally and is slowly shifting downwards.
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