{"id":16081,"date":"2023-01-03T20:18:43","date_gmt":"2023-01-03T20:18:43","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-edges-closer-to-17000-as-market-focus-turns-to-fomc-minutes-market-updates-bitcoin-news\/"},"modified":"2023-01-03T20:18:43","modified_gmt":"2023-01-03T20:18:43","slug":"btc-edges-closer-to-17000-as-market-focus-turns-to-fomc-minutes-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-edges-closer-to-17000-as-market-focus-turns-to-fomc-minutes-market-updates-bitcoin-news\/","title":{"rendered":"BTC Edges Closer to $17,000 as Market Focus Turns to FOMC Minutes \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin moved closer to the $17,000 level on Tuesday, as market volume begins to pick up following the New Year\u2019s celebrations. This comes as traders turn their attention to tomorrow\u2019s Federal Open Market Committee (FOMC) minutes report. Ethereum also continued to trade above $1,200 in today\u2019s session.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) edged closer to the $17,000 level on Tuesday, as traders turned their attention to Wednesday\u2019s FOMC minutes report.<\/p>\n

BTC<\/a>\/USD hit a high of $16,760.45 earlier in today\u2019s session, which comes less than 24 hours after trading at a low of $16,666.92.<\/p>\n

Today\u2019s activity saw bitcoin near a breakout of a long-term resistance level of $16,800, as market volatility remains high following the New Year\u2019s celebration.<\/p>\n

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

As can be seen from the chart, Tuesday\u2019s move comes as the 14-day relative strength index (RSI) approached a resistance level of its own.<\/p>\n

Currently, the index is tracking at 47.18, which is marginally below its point of resistance at the 48.00 mark.<\/p>\n

This ceiling seems to be the main hurdle stopping price from extending gains, and moving above the $17,000 zone.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) mostly consolidated on Tuesday, with prices continuing to trade above the $1,200 point.<\/p>\n

Following a low of $1,212.49 to start the year, ETH<\/a>\/USD hit a peak of $1,219.86 earlier in today\u2019s session.<\/p>\n

As a result of today\u2019s move, ethereum moved closer to a resistance level of $1,230, which has been in place since December 16.<\/p>\n

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

Looking at the chart, ethereum was unable to recapture this ceiling, as the RSI of 14 days failed to break out of a resistance at 49.00.<\/p>\n

As of writing, the index is tracking at 48.90, with bulls remaining close to this point ahead of tomorrow\u2019s FOMC report, which could be the trigger to a potential price surge.<\/p>\n

After tomorrow\u2019s report, attention will turn to Friday\u2019s U.S. nonfarm payrolls (NFP), which could also be a catalyst for market moves.<\/p>\n

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

Could we see ethereum hit $1,300 by the end of the week? 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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