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BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas – Market Updates Bitcoin News

by Blockchain Daily Report
December 26, 2022
in Bitcoin
Reading Time: 4 mins read
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BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas – Market Updates Bitcoin News
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Cryptocurrencies have been principally consolidating on Dec. 26, as markets remained muted following the Christmas weekend. Bitcoin remained marginally above a key help level at $16,800, while ethereum remained close to a ceiling on the $1,230 mark. Total, the worldwide crypto market is up 0.20% as of writing.

Bitcoin

Bitcoin (BTC) remained barely above a ceiling on the $16,800 stage to start out the week, as markets remained principally unchanged following the Christmas weekend.

Buying and selling quantity sometimes slows down in the course of the vacation interval, with most monetary markets shutting down.

Cryptocurrency markets nonetheless remained open, with BTC/USD shifting nearer to recapturing the $17,000 stage.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas
BTC/USD – Each day Chart

As might be seen from the chart, Bitcoin hit a excessive of $16,908.86 earlier in as we speak’s session, which is marginally above Sunday’s low of $16,755.25.

The transfer comes because the 14-day relative power index (RSI) moved nearer to a key ceiling at 49.00.

At present, the index is monitoring on the 47.55 mark, with bulls more likely to proceed to push in the direction of the aforementioned resistance stage.

Ethereum

Like BTC, ethereum (ETH) principally consolidated on Monday, with costs persevering with to commerce under the $1,230 level.

Following a low of $1,203.72 on Christmas Day, ETH/USD raced to a peak of $1,222.61 earlier in as we speak’s session.

Because of as we speak’s transfer, ethereum continued to commerce under its key resistance stage of $1,230 for a sixth straight day.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas
ETH/USD – Each day Chart

Trying on the chart, the failure to interrupt out of this level comes because the RSI continued to hover close to a resistance of its personal at 48.00

As of writing, the index is monitoring at 47.33, which comes after two weeks of residing underneath the 48.00 mark.

Regardless of this, the 10-day (purple) shifting common (MA) has begun to maneuver nearer to its 25-day (blue) counterpart, which may imply an upward cross is pending within the coming days.

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Do you anticipate cryptocurrencies to consolidate for the rest of the yr? Depart your ideas within the feedback under.

Eliman Dambell

Eliman brings an eclectic standpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At present, he acts as a commentator throughout varied asset lessons, together with Crypto, Shares and FX.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any harm or loss triggered or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about on this article.

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