{"id":14987,"date":"2022-11-30T13:44:28","date_gmt":"2022-11-30T13:44:28","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-moves-above-17000-on-wednesday-market-updates-bitcoin-news\/"},"modified":"2022-11-30T13:44:28","modified_gmt":"2022-11-30T13:44:28","slug":"btc-moves-above-17000-on-wednesday-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-moves-above-17000-on-wednesday-market-updates-bitcoin-news\/","title":{"rendered":"BTC Moves Above $17,000 on Wednesday \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world\u2019s largest economy. Ethereum remained higher, edging closer to $1,300.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) briefly rose above $17,000 in today\u2019s session, as traders reacted to the latest U.S. consumer confidence report.<\/p>\n

Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.<\/p>\n

Following a low of $16,366.66, BTC<\/a>\/USD rose to an intraday peak of $17,021.67 earlier in the day.<\/p>\n

\"\"
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.<\/p>\n

As of writing, BTC<\/a> is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.<\/p>\n

Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today\u2019s rally.<\/p>\n

Ethereum<\/h2>\n

Like BTC<\/a>, ethereum (ETH<\/a>) also moved higher on Wednesday, as prices surged for a second success session.<\/p>\n

ETH<\/a>\/USD hit a peak of $1,276.55 earlier in today\u2019s session, which comes less than 24-hours after trading at a low of $1,205.78.<\/p>\n

As a result of today\u2019s gains, the world\u2019s second largest cryptocurrency hit its highest point since November 15.<\/p>\n

\"\"
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.<\/p>\n

In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.<\/p>\n

The target for ETH<\/a> bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/p>\n

Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

\n