Bitcoin rose closer to the $17,000 level on Saturday, despite crypto markets mostly consolidating to start the week. The global cryptocurrency market cap is down 0.32% as of writing. Ethereum was also higher earlier in the day, with prices nearing the $1,230 level.
Bitcoin
Bitcoin (BTC) remained under 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 price was at a bottom, at the $16,793.53 mark.
The move saw the world’s largest cryptocurrency continue to trade above a key point of support at $16,800.
As can be seen from the chart, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) failed to break above a ceiling at 48.00.
The index is currently trading at 46.72, with bulls still attempting to push past the aforementioned point of resistance.
On the other hand, should price strength decline below a floor at 45.00, bitcoin will likely move towards the $16,000 level.
Ethereum
In addition to BTC, ethereum (ETH) also consolidated to start the weekend, with prices edging closer to a key resistance level.
Following a low of $1,216.34 on Friday, ETH/USD raced to a peak of $1,227.00 earlier in today’s session.
As a result of today’s move, ethereum once again attempted to break out of a key ceiling at the $1,230 level.
Looking at the chart, the breakout did not occur, mainly due to the RSI also remaining below a ceiling of its own at 47.50.
As of writing, the index is tracking at 47.12, with momentum appearing to be bearish as a result of the direction of moving averages (MA).
The 10-day (red) MA extended its downward cross with its 25-day (blue) counterpart, which typically is a sign of price declines.
Register your email here to get weekly price analysis updates sent to your inbox:
Could market sentiment change ahead of Christmas Day? Leave your thoughts in the comments below.
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.
Read disclaimer
