Bitcoin traded above $22,000 on Feb 15 as markets continue to react to the latest US inflation report. The Consumer Price Index rose 0.5% in January, following a 0.5% gain. 1% the previous month. In general, the annual inflation rate was 6.4%, which, although it was lower than the 6.5% in December, was higher than the 6.2% expected. Ethereum also rallied on the day of the hump.
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 rose to an intraday high of $22,293.14 earlier today.
Today’s move pushes the world’s largest cryptocurrency towards a key resistance level of $22,500.
Looking at the chart, the 14-day RSI also seems to be nearing a top of its own at 60.00.
At the time of writing, the price strength is currently at a reading of 51.96, which is its strongest point in the last seven days.
If this momentum is sustained, there is a strong possibility that BTC not only could it break $22,500, but it could also crash the $23,000 mark.
Ethereal
ethereal (ETH) was also in the green during today’s session, as prices broke through a recent resistance point.
ETH/USD hit a high of $1,562.03 earlier in the day, coming less than 24 hours after trading as low as $1,501.80.
As a result of this move, Ethereum briefly broke above a price high of $1,550, after bouncing off a floor of $1,505.
Earnings above have declined somewhat, with ETH it is now trading at $1,557.25, which is marginally higher than the aforementioned ceiling.
At the time of writing, the RSI is hovering around 49.86, which is below its own ceiling at 50.00.
For Ethereum bulls to return to the $1,600 mark, this ceiling will first need to be broken.
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Do you expect more price rallies now that the inflation report has been released? Leave your thoughts in the comments below.
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