BTC Rises To 1-Month High As ETH Approaches $1,300 – Market Updates Bitcoin News
Bitcoin rose to a one-month high on December 13, ahead of the latest US inflation report. It is expected that consumer prices will fall to 7.3% in November, which will be a fall of 0.4% from the previous month. Ethereum was also higher in today’s session, as prices approached the $1,300 mark.
Bitcoin
Bitcoin (BTC) rose to a one-month high on Tuesday as markets began to price in a drop in US consumer prices.
After a low of $16,966.59 to start the week, BTC/USD rallied to an intraday high of $17,457.30 earlier in today’s session.
The move sent the world’s largest cryptocurrency flying to its strongest point since November 11, when the price hit a high of $17,645.
As can be seen from the chart, today’s rise comes as the 14-day relative strength index (RSI) moved past a ceiling of its own.
The index climbed above a resistance level of 52.00 earlier in the day, and currently stands at 55.00.
Despite this afternoon’s report, we are likely to see more volatility on Wednesday as traders brace for the upcoming US Federal Reserve interest rate decision.
Ethereum
Ethereum (ETH) also rallied in today’s session as bulls re-entered the market, taking prices near the $1,300 level.
ETH/USD rallied to a high of $1,294.10 in today’s session, which comes less than a day after hovering at a low of $1,248.36.
As a result of today’s move, ETH/USD moved closer to a recent resistance level of $1,300 as prices were almost 4% higher than Monday’s high.
As with bitcoin, bullish sentiment returned in ethereum after a breakout of a resistance level at the 53.00 mark.
At the time of writing, the index is tracking at 53.75, and now appears to be moving towards a ceiling of 55.00.
ETH is likely to recapture the $1300 level, but what happens at that level is the key question for traders.
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Will ethereum move above the $1300 ceiling? Leave your thoughts in the comments below.
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