While the crypto money market recovered with the statements of FED Chairman Powell last week, it started the week of December 5 with a slight selling.
Latest Situation in Bitcoin and Ethereum
The leading cryptocurrency Bitcoin rose to $ 17,400 in the morning, but it could not hold at this level. BTC is currently struggling to hold above $17,000 with a daily loss of 0.21%.
Selling could deepen if Bitcoin closes below $16,850 on the 4-hour timeframe.
Ethereum, the second largest cryptocurrency by market share, has more room for action. Although Ethereum touched $1300 during the day, it lost 1.37% daily to $1260.
Ethereum, which failed to pass the $1300 resistance for the third time, may decline to the $1235 level.
Dogecoin Fails to Break the Critical Resistance
Joke-themed meme token Dogecoin rose 8% to start the day, once again testing the $0.112 resistance. However, the bears outperformed the bulls, pushing the price down.
DOGE is momentarily trading at $0.102, down 1.20%.
The 0.114 resistance is of great importance for Dogecoin. Unless this level is crossed with volume, it is very difficult for us to see the top of $0.15. On the downside, 0.094 main support should be followed.
US Dollar Losing Strength
The rise of the US Dollar Index (DXY) throughout the year has put a lot of pressure on cryptocurrencies. However, as the end date of interest rate hikes began to be talked about, the dollar started to lose value against developed currencies again.
Although the Dollar Index fell to the lowest level since August in the first hours of the week, it rose 0.73% daily.
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