BTC Briefly Moves Back Above $20,000 During Volatile Trading Day – Market Updates Bitcoin News
Bitcoin briefly broke back into the $20,000 region on Thursday, after a choppy day of trading. The volatility in the crypto markets came as data released showed that inflation in the US had risen to the highest level in over four decades. ETH also briefly rose above $1,100.
Bitcoin
BTC was marginally higher on Thursday, as prices rallied after a turbulent 24 hours of trading, which saw prices fall below $19,000.
Following this drop, the world’s largest crypto token climbed, reaching a peak of $20,361.12 earlier in the day.
The volatility in the market comes after the release of June’s inflation data, which increased by 1.3%, and now stands at 9.1%.
Bitcoin traders now expect the Fed to raise interest rates by another 75 basis points later this month, which could further affect prices.
At the time of writing, BTC/USD is now trading at $19,801.76, which, while lower than previous highs, is still above yesterday’s floor of $18,999.95.
As on Wednesday, the 14-day RSI remains below the 41.80 resistance and this appears to be the main obstacle preventing prices from a sustained breakout.
Ethereum
ETH also had to contend with market volatility on Thursday, as prices came within a stone’s throw of falling below $1,000.
The token fell to a low of $1,019 late in Wednesday’s session, but prices rebounded today, climbing to a high of $1,120.32 in the process.
Since the break above this $1,100 threshold, former bulls have turned bearish, with prices now trading near $1,080.
Like bitcoin, price uncertainty is heightened by the lack of direction in momentum, with both the 10-day and 25-day moving averages trending sideways, despite a recent marginal crossover.
For momentum to rise, we’ll likely need to see relative strength increase as well, but the RSI indicator continues to trade below its own ceiling.
Overall, ethereum is currently down 8.26% over the past seven days, but there is still some optimism that this sentiment could change soon.
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Will we see ETH fall below $1000 before rising above $1200? Leave your thoughts in the comments below.
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