BTC Briefly Above $17,000 Ahead of US Consumer Confidence Report – Bitcoin News Market Updates

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Bitcoin briefly traded above $17,000 on Wednesday as markets braced for the release of the next U.S. consumer confidence report. Today’s reading is expected at 101.00 for December, which is higher than last month’s reading of 100.2. Ethereum was also in the green as it approached a key resistance level.

Bitcoin

Bitcoin (BTC) briefly rose above the $17,000 level on Wednesday as markets began to price in the release of the next U.S. consumer confidence report.

After a low of $16,763.66 on Tuesday, BTC/USD hit an intraday high of $17,012.98 earlier in today’s session.

Today’s surge comes as prices once again broke above a key resistance level at the $16,800 level.

BTC/USD – Daily Chart

Looking at the chart, BTC has moved away from previous highs, with the coin currently trading at $16,868.40.

This comes despite the 14-day Relative Strength Index (RSI) failing to break out of a recent high at 49.00.

As of this writing, the index is tracking the 47.03 level and appears to be heading for a bottom at 46.00.

Ethereum

Ethereum (ETH) continued to trade above $1,200 on Wednesday, with bulls pushing prices closer to a key resistance level.

ETH/USD hit a high of $1,224.09 earlier in today’s session, which comes less than 24 hours after hitting a low of $1,206.44.

Although prices approached a high at $1,230 earlier in the day, bearish sentiment increased at this level, causing previous bulls to pull back.

ETH/USD – Daily Chart

As of this writing, the world’s second largest cryptocurrency is trading at $1,214.44, following a recent moving average crossover.

Looking at the chart, a downward cross between the 10-day (red) and 25-day (blue) moving averages has occurred, which is usually a sign of an impending decline.

If this momentum intensifies in the coming days, ETH could likely retrace towards lows of $1,160.

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Will Today’s Consumer Confidence Report Boost Crypto Prices? 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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