BTC, ETH Extend Gains After US Inflation Report – Market Updates Bitcoin News
Bitcoin traded above $22,000 on February 15, as markets continue to react to the latest US inflation report. The consumer price index rose 0.5% in January, after a rise of 0.1% the previous month. Overall, the annual inflation rate came in at 6.4%, which, while lower than December’s total of 6.5%, was higher than the 6.2% expected. Ethereum also rose on the hump day.
Bitcoin
Bitcoin (BTC) held above $22,000 on Wednesday as traders continued to digest the latest US inflation report.
After a low of $21,632.39 on Tuesday, BTC/USD rallied to an intraday high of $22,293.14 earlier today.
Today’s move pushes the world’s largest cryptocurrency back towards a key resistance level of $22,500.
Looking at the chart, the 14-day relative strength index (RSI) also appears to be nearing a ceiling of its own at 60.00
At the time of writing, the price strength is at 51.96, which is the strongest point in the last seven days.
Should this momentum be sustained, there is a strong possibility that BTC could not only break $22,500 but could also collide with the $23,000 mark.
Ethereum
Ethereum (ETH) was also in the green in today’s session as prices broke out of a recent resistance point.
ETH/USD hit a high of $1,562.03 earlier in the day, which comes less than 24 hours after trading at a low of $1,501.80.
As a result of this move, ethereum briefly broke out of a $1,550 price ceiling, after bouncing off a $1,505 floor.
Previous gains have waned somewhat, with ETH now trading at $1,557.25, which is marginally higher than the aforementioned ceiling.
At the time of writing, the RSI hovers at 49.86, which is below a separate ceiling at 50.00.
For Ethereum bulls to move back towards the $1,600 mark, this ceiling must first be breached.
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Do you expect further price increases now that the inflation report is out? Leave your thoughts in the comments below.
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