Bitcoin was briefly trading above $17,000 on Wednesday, as markets prepared for the release of the upcoming U.S. consumer confidence report. Today’s figure is expected to come in at a reading of 101.00 for December, which is higher than last month’s number of 100.2. Ethereum was also in the green, as it neared a key resistance level.
Bitcoin (BTC) rose briefly above the $17,000 level on Wednesday, as markets began to anticipate the release of the upcoming U.S. consumer confidence report.
Following a low of $16,763.66 on Tuesday, BTC/USD raced to an intraday high of $17,012.98 earlier in today’s session.
Today’s surge comes as prices once again rose above a key resistance level at the $16,800 level.
BTC/USD – Daily Chart
Looking at the chart, BTC has moved away from earlier highs, with the coin currently trading at the $16,868.40 mark.
This comes despite the 14-day relative strength index (RSI) failing to break out of a recent ceiling at 49.00.
As of writing, the index is tracking at the 47.03 level, and seems to be heading for a floor at 46.00.
Ethereum (ETH) continued to trade above $1,200 on Wednesday, with bulls pushing prices closer to a key resistance level.
ETH/USD hit a peak of $1,224.09 earlier in today’s session, which comes less than 24 hours after hitting a bottom of $1,206.44.
Despite prices nearing a ceiling at the $1,230 mark earlier in the day, bearish sentiment has increased at this level, leading to previous bulls retreating.
ETH/USD – Daily Chart
As of writing, the world’s second largest cryptocurrency is trading at $1,214.44, which comes following a recent crossover of moving averages.
Looking at the chart, a downward cross between the 10-day (red) and 25-day (blue) moving averages has occurred, which typically is a sign of pending declines.
Should this momentum intensify in the coming days, ETH could likely move back towards a floor of $1,160.
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Will today’s consumer confidence report send crypto prices higher? Leave your thoughts in the comments below.
Eliman 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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