{"id":15859,"date":"2022-12-26T14:30:41","date_gmt":"2022-12-26T14:30:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-on-monday-as-markets-remain-sluggish-following-christmas-market-updates-bitcoin-news\/"},"modified":"2022-12-26T14:30:41","modified_gmt":"2022-12-26T14:30:41","slug":"btc-eth-consolidate-on-monday-as-markets-remain-sluggish-following-christmas-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-on-monday-as-markets-remain-sluggish-following-christmas-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cryptocurrencies were mostly consolidating on Dec. 26, as markets remained muted following the Christmas weekend. Bitcoin remained marginally above a key support point at $16,800, whilst ethereum remained near a ceiling at the $1,230 mark. Overall, the global crypto market is up 0.20% as of writing.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) remained slightly above a ceiling at the $16,800 level to start the week, as markets remained mostly unchanged following the Christmas weekend.<\/p>\n

Trading volume typically slows down during the holiday period, with most financial markets shutting down.<\/p>\n

Cryptocurrency markets however remained open, with BTC<\/a>\/USD moving closer to recapturing the $17,000 level.<\/p>\n

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

As can be seen from the chart, Bitcoin hit a high of $16,908.86 earlier in today\u2019s session, which is marginally above Sunday\u2019s low of $16,755.25.<\/p>\n

The move comes as the 14-day relative strength index (RSI) moved closer to a key ceiling at 49.00.<\/p>\n

Currently, the index is tracking at the 47.55 mark, with bulls likely to continue to push towards the aforementioned resistance level.<\/p>\n

Ethereum<\/h2>\n

Like BTC<\/a>, ethereum (ETH<\/a>) mostly consolidated on Monday, with prices continuing to trade below the $1,230 point.<\/p>\n

Following a low of $1,203.72 on Christmas Day, ETH<\/a>\/USD raced to a peak of $1,222.61 earlier in today\u2019s session.<\/p>\n

As a result of today\u2019s move, ethereum continued to trade below its key resistance level of $1,230 for a sixth straight day.<\/p>\n

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

Looking at the chart, the failure to break out of this point comes as the RSI continued to hover near a resistance of its own at 48.00<\/p>\n

As of writing, the index is tracking at 47.33, which comes after two weeks of residing under the 48.00 mark.<\/p>\n

Despite this, the 10-day (red) moving average (MA) has begun to move closer to its 25-day (blue) counterpart, which could mean an upward cross is pending in the coming days.<\/p>\n

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

Do you expect cryptocurrencies to consolidate for the remainder of the year? 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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