ETH Bulls Eye $1,280 to plan first visit to $1,300 in five sessions

On Friday, Bitcoin (BTC) was down 0.63%. BTC partially reversed the 2.37% gain from Thursday, ending the day at $17,137. It should be noted that BTC avoided returning below $17,000 for the first time since the FTX crash.

A bullish morning session saw BTC climb to a mid-day high of $17,366. And when BTC broke below the first major resistance level (R1) at $17,461, BTC fell to an early afternoon low of $17,053. However, avoiding the first major support level (S1) at $16,894, BTC returned to $17,161 before retreating.

Fed pivot bets tested with wholesale inflation beating expectations

US wholesale inflation figures for November beat expectations, sending Bitcoin, Ethereum, and the broader cryptocurrency market into negative territory.

While the producer price index reversed inflationary weakness in November, wholesale inflation remained elevated, indicating a continued scrolling of consumer prices in the short term.

In contrast, the Michigan inflation expectations index fell from 4.9% to 4.6%, with the consumer confidence index rising from 56.8 to 59.1, offering modest support to cryptocurrencies.

The Nasdaq Composite fell 0.74% on Friday, with the latest inflation report weighing on investor sentiment ahead of Tuesday’s CPI report.

Today, we expect investors to tread carefully, with the upcoming CPI report, FOMC decision, and FOMC economic outlook.

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