Bitcoin, Ethereum Technical Analysis: BTC, ETH Continue to Consolidate as USD Strengthens

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.

In addition to bitcoin, ethereum (ETH) was also in the red during Wednesday’s session, following a false breakout of a key resistance point.

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.

(by Eliman Dambell)

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