Bitcoin hits $17,000 on Dec 16 Weaker and bearish Pressure continued to build following yesterday’s disappointing US retail sales. Sales in the US he fell 0.6%. The news came less than 24 hours after the Federal Reserve moved to raise interest rates. Ethereum closed to $1,200 in today’s session.
Bitcoin
Bitcoin (BTC) dropped above 17,000 in today’s session as the market continued to react to last month’s retail sales data. fell below the dollar.
BTC/USD fell to intraday lows of $16,997.54 earlier in the day as US retail sales disappoint.
This comes less than a day after the price approached his $18,000 breakout, peaking at $17,725.88 in the process.
chart shows bearish pressure after breaking $17,200 floor strengthened and the price is currently trading at $17,023.22.
This slight reversal is due to the 14-day Relative Strength Index (RSI) approaching its support point of 45.00. The
index is currently tracking at the 47.05 level andBTC could reach $16,800 if price strength hits the aforementioned lower bounds.
Ethereum
Ethereum (ETH) also fell on Friday, pushing the world’s second-largest cryptocurrency closer to $1,200.
ETH/USD bottomed out at $1,210.35 earlier in the day after trading at a high of $1,291.32 on Thursday.
Today’s sell-off saw Ethereum drop three times in a row, breaking through the key resistance level at $1,230 in the process.
At time of writing,ETH has RSI above 43.50 Yesterday’s peak tracking is close to the key floor.
This support point is at the 42.00 mark and has not been reached since 28 November, whenETH broke below $1,200.
If the price strength continues towards this bottom, Ethereum will likely fall below his $1,200 level.
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