{"id":16515,"date":"2023-01-16T14:00:26","date_gmt":"2023-01-16T14:00:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-following-recent-highs-market-updates-bitcoin-news\/"},"modified":"2023-01-16T14:00:26","modified_gmt":"2023-01-16T14:00:26","slug":"btc-eth-consolidate-following-recent-highs-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-eth-consolidate-following-recent-highs-market-updates-bitcoin-news\/","title":{"rendered":"BTC, ETH Consolidate Following Recent Highs \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin consolidated on Jan. 16, as U.S. markets closed in celebration of the Martin Luther King Jr. Day holiday celebration. Traders have seemingly moved to secure recent gains, after the world\u2019s largest cryptocurrency rose above $21,000 for the first time since November. Ethereum also retreated from recent highs in today\u2019s session. <\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) consolidated to start the week, as prices failed to break out of a key resistance level.<\/p>\n

Following a high of $21,345.25 on Sunday, BTC<\/a>\/USD fell to an intraday low of $20,681.98 earlier in today\u2019s session.<\/p>\n

This drop comes as the world\u2019s largest cryptocurrency was unable to move beyond its long-term ceiling at $21,400.<\/p>\n

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

Looking at the chart, this was somewhat expected, due to the 14-day relative strength index (RSI) hovering in overbought territory.<\/p>\n

As of writing, price strength is currently tracking at 86.65, after failing to move north of the 90.00 mark.<\/p>\n

It is likely that further declines could be on the cards this week, with a floor of $20,000 a potential target for sellers.<\/p>\n

Ethereum<\/h2>\n

In addition to BTC<\/a>, ethereum (ETH<\/a>) also retreated from recent highs, which comes after a failed breakout of its own.<\/p>\n

ETH<\/a>\/USD dropped to a bottom of $1,529.79 earlier today, which comes after trading at a high of $1,579.48 on Sunday.<\/p>\n

Ethereum failed to sustain a move above a ceiling at $1,580, giving way to a resurgence of some bearish sentiment.<\/p>\n

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

Like with bitcoin, ethereum prices were significantly overbought, with the index at its highest point since January 2021.<\/p>\n

Now tracking at 83.46, the next visible floor seems to be at the 70.00 mark, which if hit, could see ETH<\/a> trading near $1,475.<\/p>\n

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

Do you expect ethereum to fall lower in the coming days? 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 online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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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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