Bitcoin was consolidating on Wednesday, as the U.S. dollar continued to strengthen versus several G7 currencies. A strong dollar means demand for cryptocurrencies typically plummets, with the global market cap trading in the red as of writing. Ethereum was also lower today, falling as it remained below $1,300.
Bitcoin (BTC) continued to consolidate in today’s session, as prices hovered around the $17,000 mark on hump-day.
Following a low of $16,939.92 on Tuesday, BTC/USD raced to an intraday peak of $17,109.38 earlier in today’s session.
The move saw bitcoin continue to trade under its recent resistance level of $17,180, which has mostly been in place for the last month.
BTC/USD – Daily Chart
Looking at the chart, the consolidation comes as the relative strength index (RSI) also remained below its own ceiling of 50.00.
As of writing, the index is currently tracking at the 47.80 level, and seems to be heading to a floor at the 45.80 mark.
Should we see this decline occur, BTC will likely be trading at a support point of $16,800 in the upcoming days.
In addition to bitcoin, ethereum (ETH) was also in the red during Wednesday’s session, following a false breakout of a key resistance point.
ETH/USD remained below its long-term ceiling of $1,300 today, which comes as volatility in crypto markets heightened.
The world’s second largest cryptocurrency slipped to a bottom of $1,247.63, less than 24 hours after hitting a high of $1,272.69.
ETH/USD – Daily Chart
As can be seen from the chart, this took place despite the 10-day (red) moving average still somewhat trending higher.
Momentum seems to be slowly shifting however, with the RSI currently tracking at 49.56, which is below a ceiling of 51.00.
Turbulence in the market may continue up until next week’s Federal Reserve meeting, where it is expected that the bank will pivot its current policy.
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