{"id":15747,"date":"2022-12-22T14:12:11","date_gmt":"2022-12-22T14:12:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-ahead-of-united-states-gdp-data-market-updates-bitcoin-news\/"},"modified":"2022-12-22T14:12:11","modified_gmt":"2022-12-22T14:12:11","slug":"btc-eth-consolidate-ahead-of-united-states-gdp-data-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-ahead-of-united-states-gdp-data-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Consolidate Ahead of United States GDP Data \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cryptocurrency prices mostly consolidated on Thursday, ahead of upcoming GDP figures from the United States. Bitcoin remained close to the $17,000 level in today\u2019s session, with the global market cap trading 0.01% lower as of writing. Ethereum was largely unchanged, as prices continued to trade above $1,200. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) continued to consolidate ahead of this afternoon\u2019s third quarter GDP data from the United States.<\/p>\n

This afternoon\u2019s figures are expected to show growth of 2.9% in the quarter, as inflation in the U.S. began to slow down.<\/p>\n

BTC<\/a>\/USD hit a high of $16,895.71 ahead of the data release, which is marginally higher than Wednesday\u2019s bottom at $16,755.91.<\/p>\n

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

Looking at the chart, today\u2019s consolidation comes as the 14-day relative strength index (RSI) continued to hover near a support point at 46.00.<\/p>\n

As of writing, the index is tracking at the 46.49 level, and could be set to break out of this point at any moment.<\/p>\n

Should this occur, bearish sentiment will likely return to the market, with prices heading towards $16,500.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) also consolidated in today\u2019s session, with bulls managing to keep prices above the $1,200 level.<\/p>\n

Following a low of $1,208.03 in Tuesday\u2019s session, ETH<\/a>\/USD was marginally higher on Thursday, as it rose to a peak of $1,219.61.<\/p>\n

The move sees the world\u2019s second largest cryptocurrency continue to be a stone\u2019s throw away from a ceiling at $1,230.<\/p>\n

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

Despite the prospect of higher highs, overall momentum seems relatively bearish, with the 10-day (red) moving average extending a crossover with its 25-day (blue) counterpart.<\/p>\n

As can be deduced from the chart, the RSI also looks set for a down trend, as it failed to break out of its current ceiling at 47.00<\/p>\n

In order for bullish sentiment to return, it is likely that a move beyond this resistance will need to take place.<\/p>\n

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

Do you expect ethereum to be above $1,230 before Christmas? 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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