Bitcoin, Ethereum Technical Analysis: BTC Climbs to $17,000 as Weaker USD Overshadows SBF’s Cryptic Tweets

Bitcoin was trading marginally higher connected Nov. 15, arsenic the U.S. dollar continued to weaken, dropping to multi-month lows versus respective G7 currencies. The diminution of the dollar overshadowed tweets from FTX’s Sam Bankman-Fried, who cryptically tweeted “What happened” to his 1 cardinal followers.

Bitcoin

Bitcoin (BTC) roseate backmost supra $17,000 connected Tuesday, arsenic the U.S. dollar weakened connected reports that the Federal Reserve could beryllium acceptable to pivot its hawkish policy.

Following a debased of $16,267.33, BTC/USD raced to an intraday precocious of $17,109.32 earlier successful today’s session.

The weaker dollar was a catalyst for the move, arsenic markets seemed to person ignored cryptic tweets from Sam Bankman-Fried.

BTC/USD – Daily Chart

Looking astatine the chart, BTC seems to person settled connected a level (for now) of $15,800, utilizing this arsenic a springboard to securing consecutive higher highs.

BTC has since moved backmost beneath $17,000, arsenic the 14-day comparative spot scale (RSI) neared a cardinal absorption level of 39.00.

Bulls whitethorn look trouble extending these caller gains, unless the scale moves past this upcoming hurdle.

Ethereum

In summation to bitcoin, ethereum (ETH) besides edged higher, with prices moving person to the $1,300 region.

ETH/USD surged to a highest of $1,284.22 connected Tuesday, which comes little than 24 hours aft trading astatine a bottommost of $1,214.10.

The world’s 2nd largest cryptocurrency has present risen for a 2nd consecutive session, contempt caller bearish sentiment.

ETH/USD – Daily Chart

Overall, marketplace sentiment continues to stay bearish, with the 10-day (red), and 25-day (blue) moving averages inactive trending lower.

Like with BTC above, the RSI present is adjacent to a ceiling of its ain astatine 43.00, with traders opening to vacate positions arsenic a result.

As of writing, ETH/USD is trading astatine $1,265.79, which is marginally beneath its earlier highs.

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Is determination inactive a anticipation that ethereum volition autumn beneath $1,000 this week? Leave your thoughts successful the comments below.

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