BTC, ETH Move Higher Ahead of US Inflation Report – Market Updates Bitcoin News
Bitcoin traded marginally higher on Wednesday as markets braced for the upcoming US inflation report. Cryptocurrencies have largely consolidated ahead of the release, which many believe could trigger further action from the Federal Reserve Bank. Ethereum was also higher, as the token rose above $1,300.
Bitcoin
After two straight days of declines, bitcoin (BTC) was back in the green on Wednesday ahead of the US inflation report.
The world’s largest cryptocurrency rose to a high of $19,241.96, less than 24 hours after hitting a low of $18,925.60.
Today’s move saw the token edge closer to its recent resistance level of $19,300, moving away from a one-week low in the process.
Looking at the chart, you can see that prices have fallen from previous highs, and at the time of writing are just above the $19,100 mark.
This appears to have come as the 14-day Relative Strength Index (RSI) is nearing a collision with a ceiling of 44.55.
Currently trailing the index at 44.35, should BTC bulls intend to take prices back above $19,300, the first step will be to overcome this upcoming hurdle.
Ethereum
Ethereum (ETH) was also marginally higher in today’s session as prices rebounded from recent losses.
After a low of $1,272.74 on Tuesday, ETH/USD rallied to an intraday high of $1,303.08 earlier in the day.
Since breaking out of the $1,275 price floor yesterday, Ethereum bulls have re-entered the market, with bearish sentiment beginning to wane.
As seen in the chart, the 10-day (red) moving average appears to have crossed its 25-day (blue) counterpart.
This usually signals the start of a bull run, but with the current level of volatility in the market, it is likely that we could see more consolidation.
The RSI, which is currently tracking at 41.45, is moving closer to a ceiling of 42.80, which could be the barrier that needs to be broken, before further waves.
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Do you expect Ethereum to move towards $1400 this week? Leave your thoughts in the comments below.
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