{"id":15561,"date":"2022-12-17T02:22:00","date_gmt":"2022-12-17T02:22:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-below-17000-as-eth-nears-1200-breakout-market-updates-bitcoin-news\/"},"modified":"2022-12-17T02:22:00","modified_gmt":"2022-12-17T02:22:00","slug":"btc-below-17000-as-eth-nears-1200-breakout-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-below-17000-as-eth-nears-1200-breakout-market-updates-bitcoin-news\/","title":{"rendered":"BTC Below $17,000, as ETH Nears $1,200 Breakout \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin fell below $17,000 on Dec. 16, as bearish pressure continued to intensify following yesterday\u2019s disappointing U.S. retail sales figures. Sales in the United States were down by 0.6%, which news came less than 24 hours after the Federal Reserve moved to hike interest rates. Ethereum moved closer to the $1,200 level in today\u2019s session.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) fell below $17,000 in today\u2019s session, as markets continued to react to last month\u2019s retail sales data.<\/p>\n

As retail sales in the United States disappointed, BTC<\/a>\/USD slipped to an intraday low of $16,997.54 earlier in the day.<\/p>\n

This comes less than a day after prices were nearing a breakout of $18,000, hitting a peak of $17,725.88 in the process.<\/p>\n

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

Looking at the chart, bearish pressure intensified following a breakout of a floor at $17,200, with the price now trading $17,023.22.<\/p>\n

This slight reversal comes as the 14-day relative strength index (RSI) moved close to a support point of 45.00.<\/p>\n

The index is currently tracking at the 47.05 level, and should price strength hit the aforementioned floor, BTC<\/a> could land at $16,800.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also lower on Friday, as the world\u2019s second largest cryptocurrency fell closer to the $1,200 mark.<\/p>\n

ETH<\/a>\/USD hit a bottom of $1,210.35 earlier in the day, which comes after trading at a high of $1,291.32 on Thursday.<\/p>\n

Today\u2019s drop sees ethereum move lower for a third consecutive session, breaking out of a key resistance level of $1,230 in the process.<\/p>\n

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

As of writing, ETH<\/a> is nearly 5% lower than yesterday\u2019s peak, with the RSI tracking at 43.50, which is near a key floor.<\/p>\n

This point of support is at the 42.00 mark, and hasn\u2019t been reached since November 28, when ETH<\/a> was below $1,200.<\/p>\n

Should price strength continue to head towards this bottom, there is a strong possibility that ethereum will be trading under $1,200.<\/p>\n

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

Could we see ethereum bulls reenter the market this weekend? 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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