ETH, BTC Surge, As US Inflation Uncertainty Eases – Bitcoin News
Ethereum traded higher on Friday, as market volatility eased, following the latest US inflation report. Core inflation rose 0.6%, with consumer prices up to 8.2%, higher than the expected 8.1%. Despite this, traders seem to have breathed a sigh of relief, as the uncertainty surrounding the report is now over. Bitcoin moved closer to $20,000 on the news.
Bitcoin
Bitcoin (BTC) moved towards the $20,000 level on Friday, as uncertainty in crypto markets eased, following the latest US inflation report.
Despite consumer prices rising more than expected, markets reacted positively as speculation surrounding the report has faded.
As a result of the report, BTC/USD rose to an intraday high of $19,835.17, less than 24 hours after trading at a low of $18,642.11.
This rally has seen momentum shift again, with several indicators now leaning more towards bullish territory.
The 14-day relative strength index (RSI) is now back above the 50.00 mark, and is tracking at 51.54 at the time of writing, potentially heading for a ceiling of 55.00.
Should this point be hit, we will likely see bitcoin not only above $20,000, but approaching $20,500.
Ethereum
Ethereum was also higher in today’s session, as the token climbed back above $1,300, colliding with a key resistance point in the process.
ETH/USD rose to a high of $1,335.10 earlier in the day, colliding with a key resistance level at the same point in the process.
This is the highest point that the world’s second largest cryptocurrency has traded at since the start of the week.
However, since reaching this high, prices are now marginally lower with the token now trading at $1,328.51.
As can be seen from the chart, this comes as the RSI collided with a resistance point of its own, which is the 46.50 mark.
For ethereum to continue climbing, the price strength must move above this current ceiling.
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Do you expect the bullish pressure to continue over the weekend? Leave your thoughts in the comments below.
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