{"id":15339,"date":"2022-12-10T15:12:55","date_gmt":"2022-12-10T15:12:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-to-start-the-weekend-market-updates-bitcoin-news\/"},"modified":"2022-12-10T15:12:55","modified_gmt":"2022-12-10T15:12:55","slug":"btc-eth-consolidate-to-start-the-weekend-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-to-start-the-weekend-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Consolidate to Start the Weekend \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin started the weekend trading above $17,000, as traders prepare for next week\u2019s U.S. Federal Reserve interest decision. Markets now expect that the Fed could continue hiking rates, following a higher than expected increase in producer prices. Ethereum mainly consolidated on Saturday, as prices moved back towards a key price floor. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) remained above the $17,000 level to start the weekend, despite crypto markets mostly consolidating.<\/p>\n

BTC<\/a>\/USD fell to an intraday low of $17,100.84 during Saturday\u2019s session, which comes a day after hitting a high of $17,280.55.<\/p>\n

As a result of today\u2019s decline, BTC<\/a> continued to move below its recent resistance level of $17,200.<\/p>\n

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

Looking at the chart, it now appears as if bitcoin could be moving towards a floor of $16,750, which comes as market volatility remains high today.<\/p>\n

The turbulence came as the 14-day relative strength index (RSI) continued to move between a floor of 50.00 and a ceiling of 52.00.<\/p>\n

In order for bulls to fully regain market sentiment, a breakout of the 52.00 mark must occur, which could then lead to the return of upwards momentum.<\/p>\n

Ethereum<\/h2>\n

Like bitcoin, ethereum (ETH<\/a>) also consolidated to start the weekend, with price moving close to a key point of support.<\/p>\n

Following a peak of $1,290.06 on Friday, ETH<\/a>\/USD moved to a bottom of $1,260.82 earlier in the day.<\/p>\n

As a result of today\u2019s drop, the world\u2019s second largest cryptocurrency moved closer to a recent floor of $1,230.<\/p>\n

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

From the chart, it seems that today\u2019s consolidation comes as bulls failed to break out of a resistance point at $1,300.<\/p>\n

As of writing, ethereum now seems as though it is heading for its aforementioned floor at the $1,230 point.<\/p>\n

This comes as the 10-day (red) moving average now appears to have halted recent gains, and is slowly shifting downwards.<\/p>\n

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

Will ethereum end the weekend below $1,200? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\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.

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

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