Bitcoin rose to its highest level since September as markets prepared for the release of US retail sales data. This afternoon’s economic release is expected to show a cooling in sales as consumers become more Prepare for a recession. Ethereum also rose on the news as it continued to hover around $1,600.
Bitcoin
bitcoin (BTC) rose above a key resistance level at $21,400 in today’s session, hitting a new multi-month high in the process.
After a minimum of $21,120.16, BTC/USD reached a high of $21,438.66 in the early hours of the session on Wednesday.
This rise in price sent the world’s largest cryptocurrency to its strongest point since September 13.
The move comes as markets prepare for the release of US retail sales numbers, which are expected to decline to -0.8% from -0.6%.
On the chart, price strength continues to hover in overbought territory, with the 14-day RSI at 87.92.
The next visible point of resistance is at the 90.00 mark, which could present a challenge for longer-term bulls.
Ethereal
ethereal (ETH) also moved marginally higher on Wednesday as it continued to trade near a $1,600 ceiling.
ETH/USD jumped to a high of $1,594.00 on the day of the hump, less than 24 hours after falling to a low of $1,562.06.
Today’s price increase means that Ethereum has risen more in ten of the last eleven sessions.
At time of writing, the 14-day RSI sits at 84.18, which, like bitcoin, is in overbought territory.
Looking at the chart, last time ETH traded at this point in early November, it was followed by a significant drop in price.
Many technical traders are likely to pay attention to this, and the fear of history repeating itself could lead many to liquidate their current positions.
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