The broader cryptocurrency markets are in consolidation mode on Wednesday as traders await the release of the last big batch of US economic data of the year later this week, which includes the all-important PCE inflation report, which is closely monitored by the US Federal Reserve. Analysts have cited the Fed's aggressive rate hikes in 2022 to combat searing US inflation as the main cause of the 2022 cryptocurrency bear market.
Bitcoin last changed hands at €16,800 and is mostly flat on the day, meaning it retains most of Tuesday's gains that saw it bounce from the €16,400 zone. But technicians remain bearish on the prospects for a rally for the world's largest cryptocurrency by market cap after finding resistance at its 21-day moving average (at €17) on Tuesday. Meanwhile, Ethereum is also consolidating under resistance at €050, while the broader cryptocurrency market capitalization hovers around €1,210 billion.