BTC, ETH Consolidate as Markets Prepare for Christmas Break – Market Updates Bitcoin News

💡Tryout HIVEOS Entirely Free:

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 price attempted to break out of a key resistance level. Ethereum was below $1,200 on Monday.


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

Following a low of $16,671.80 on Sunday, BTC/USD rose to a peak of $16,815.39 earlier in today’s session.

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

btcusd 2022 12 19 12 49 36 ab946
BTC/USD – Daily Chart

Despite this, market sentiment remains volatile, with neither bulls nor bears taking charge of price movement so far today.

As can be seen from the chart, the uncertainty comes as the 14-day relative strength index (RSI) hovers below a resistance point at the 46.00 mark.

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


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

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

Today’s move comes as prices found an interim floor at $1,170 over the weekend, with bulls using this as a point of entry.

ethusd 2022 12 19 13 03 26 9251d
ETH/USD – Daily Chart

Looking at the chart, this floor coincided with the RSI hitting one of its own at 39.00, with price strength moving to rebound.

As of writing, the index is tracking at 42.30, with a ceiling at 44.00 the next visible resistance level.

Register your email here to get weekly price analysis updates sent to your inbox:

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

Eliman Dambell

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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source link

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *