BTC Back Above $28,000, After US Consumer Confidence Report – Market Updates Bitcoin News
Bitcoin rallied on Wednesday, as markets reacted strongly to better-than-expected US consumer confidence numbers. Data from the Conference Board showed the monthly survey rose to 104.2, better than the expected 101 total. Ethereum also climbed, moving above $1,800.
Bitcoin
Bitcoin (BTC) once again moved above the $28,000 level on Wednesday as markets reacted to the latest US consumer confidence report.
The increase in confidence is seen by some as a confirmation of the Federal Reserve’s recent decision to raise interest rates marginally.
After a low of $26,677.82 on Tuesday, BTC/USD rallied to an intraday high of $28,619.54 earlier in today’s session.
This latest increase in price occurred as the relative strength index (RSI) continued to move away from a recent floor at the 60.00 mark.
At the time of writing, the index is following the 64.27 level, which is marginally below the upcoming ceiling of 65.00.
Previous gains have eased slightly as BTC approached this resistance point, with the price now trading at $28,423.03.
Ethereum
Ethereum (ETH) was also back in the green in today’s session, with prices rising back above the $1,800 level.
ETH/USD rose to a high of $1,825.60 on Wednesday, which comes less than 24 hours after the price was below $1,700.
As a result of today’s rally, ethereum was able to briefly rise above a recent resistance point at the $1,820 level.
The price has since pulled back from this point, which comes after the RSI collided with a ceiling at the 58.00 mark.
Although price strength is now tracking at 58.52, the overall market momentum appears to be preparing for consolidation.
The 10-day (red) moving average (MA) is now trending sideways, and should the RSI fall back below 58.00, the chances of a bearish cross with the 25-day (blue) MA will increase considerably.
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