The cryptocurrency market has been consolidating this week as traders prepare for the Christmas holidays. Bitcoin, the world’s biggest digital asset, was held below $17,000 on Monday, making an attempt to break through a key resistance point. Ethereum was also found trading below $1,200 at the same time.
At the start of the week, Bitcoin (BTC) was trading just under the $17,000 mark and has been consolidating since then. During the current session, BTC/USD reached a high of $16,815.39, slightly up from Sunday’s low of $16,671.80.
The price managed to cross over the key resistance level of $16,700 but the market continues to be volatile, with neither bulls nor bears in full control.
The 14-day Relative Strength Index (RSI) is currently at 44.16, with a resistance level at 46.00. Bears will likely target 42.00 as their next support level.
Ethereum (ETH) has also been trading in the red, with prices below the $1,200 level. During the session, ETH/USD reached an intraday high of $1,192.92. The bulls, however, were unable to push the price above the $1,200 mark.
The bulls were able to use the $1,170 level as an entry point, which was the tentative bottom of the weekend. The RSI, which hit 39.00, indicates that the price strength is trending towards a rebound.