{"id":15703,"date":"2022-12-21T13:57:48","date_gmt":"2022-12-21T13:57:48","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-briefly-above-17000-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news\/"},"modified":"2022-12-21T13:57:48","modified_gmt":"2022-12-21T13:57:48","slug":"btc-briefly-above-17000-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-briefly-above-17000-ahead-of-us-consumer-confidence-report-market-updates-bitcoin-news\/","title":{"rendered":"BTC Briefly Above $17,000 Ahead of US Consumer Confidence Report \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin was briefly trading above $17,000 on Wednesday, as markets prepared for the release of the upcoming U.S. consumer confidence report. Today\u2019s figure is expected to come in at a reading of 101.00 for December, which is higher than last month\u2019s number of 100.2. Ethereum was also in the green, as it neared a key resistance level.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) rose briefly above the $17,000 level on Wednesday, as markets began to anticipate the release of the upcoming U.S. consumer confidence report.<\/p>\n

Following a low of $16,763.66 on Tuesday, BTC<\/a>\/USD raced to an intraday high of $17,012.98 earlier in today\u2019s session.<\/p>\n

Today\u2019s surge comes as prices once again rose above a key resistance level at the $16,800 level.<\/p>\n

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

Looking at the chart, BTC<\/a> has moved away from earlier highs, with the coin currently trading at the $16,868.40 mark.<\/p>\n

This comes despite the 14-day relative strength index (RSI) failing to break out of a recent ceiling at 49.00.<\/p>\n

As of writing, the index is tracking at the 47.03 level, and seems to be heading for a floor at 46.00.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) continued to trade above $1,200 on Wednesday, with bulls pushing prices closer to a key resistance level.<\/p>\n

ETH<\/a>\/USD hit a peak of $1,224.09 earlier in today\u2019s session, which comes less than 24 hours after hitting a bottom of $1,206.44.<\/p>\n

Despite prices nearing a ceiling at the $1,230 mark earlier in the day, bearish sentiment has increased at this level, leading to previous bulls retreating.<\/p>\n

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

As of writing, the world\u2019s second largest cryptocurrency is trading at $1,214.44, which comes following a recent crossover of moving averages.<\/p>\n

Looking at the chart, a downward cross between the 10-day (red) and 25-day (blue) moving averages has occurred, which typically is a sign of pending declines.<\/p>\n

Should this momentum intensify in the coming days, ETH<\/a> could likely move back towards a floor of $1,160.<\/p>\n

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

Will today\u2019s consumer confidence report send crypto prices higher? 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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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

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