Bitcoin Edges Closer To $17k Ahead Of FOMC Minutes

Bitcoin moved closer to the $17,000 level on Tuesday, as market volume begins to pick up after new year eve holidays. This development comes as traders turn their attention to Wednesday’s FOMC minutes. At the time of writing, bitcoin trading at $16,653. Ethereum also continued to trade above $1,200 in today’s session.

BTC/USD hit a high of $16,760.45 earlier on Tuesday, which comes less than 24 hours after trading at a low of $16,666.92. bitcoin was also near a breakout of a long-term resistance level of $16,800, as market volatility remains high following the New Year’s celebration.

Tuesday’s price action comes as the 14-day relative strength index (RSI) approached a resistance level of its own. Currently, the index is tracking at 47.18, which is marginally below its point of resistance at the 48.00 mark.

This ceiling seems to be the main hurdle stopping price from extending gains, and moving above the $17,000 zone. In addition to BTC, Ethereum mostly consolidated on Tuesday, with prices continuing to trade above the $1,200 point. Following a low of $1,212.49 to start the year, ETH/USD hit a peak of $1,219.86 earlier in Tuesday’s session. Ethereum moved closer to a resistance level of $1,230, which has been in place since December 16.