BTC and ETH Consolidate as Markets Prepare for Christmas Holidays – Bitcoin News Market Updates

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Bitcoin continued to consolidate to start the week as market volatility remained in place ahead of the Christmas holidays. The world’s largest cryptocurrency remained below $17,000 on Monday as the price attempted to break out of a key resistance level. Ethereum was below $1,200 on Monday.

Bitcoin

Bitcoin (BTC) started the week below $17,000 as prices continued to consolidate after a volatile weekend.

After a low of $16,671.80 on Sunday, BTC/USD hit a high of $16,815.39 earlier in today’s session.

Monday’s move saw the world’s largest cryptocurrency breach a key resistance level of $16,700.

BTC/USD – Daily Chart

Despite this, market sentiment remains volatile with neither bulls nor bears supporting the price movement so far today.

As the chart shows, the uncertainty comes as the 14-day Relative Strength Index (RSI) hovers below a resistance point at 46.00.

The index is currently trailing at 44.16, with a low of 42.00 seemingly the target for the bears. Prices will likely continue to consolidate until support or resistance is broken.

Ethereum

Ethereum (ETH) also consolidated during Monday’s session, with prices remaining below the $1,200 mark.

ETH/USD hit an intraday high of $1,192.92 earlier in the day, but the bulls were unable to clear the $1,200 mark.

Today’s move comes as prices found a temporary low at $1,170 over the weekend, with bulls using it as an entry point.

ETH/USD – Daily Chart

Looking at the chart, this low coincided with the RSI hitting one of its own at 39.00, with price strength moving towards a bounce.

At the time of writing, the index is trailing at 42.30, with a cap at 44.00 the next level of visible resistance.

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Will Ethereum get back above $1,200 before Christmas? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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