Bitcoin rallied in the trading session on Tuesday as markets prepared for the US inflation report this afternoon. The annual rate of inflation in the United States is expected to fall to 6.2% in January, 0.3% less than the previous month. Ethereum also rallied, rallying back above $1,500.
Bitcoin
bitcoin (BTC) has rebounded from recent losses in today’s session, as prices reached towards the $22,000 level.
BTC/USD hit an intraday high of $21,849.01 earlier in the day, which comes after falling to a low of $21,460.09 on Monday.
Today’s action saw Bitcoin snap a two-day losing streak, and it comes as prices rejected a full break of a bottom at $21,500.
Looking at the chart, the 14-day RSI also rejected a break of its own, with the index remaining above its support at 44.00.
At time of writing, price strength is at a reading of 47.86, with nearby resistance at 50.00.
To BTC For bulls to take the price above the $22,000 mark, this resistance point will need to be broken.
Ethereal
ethereal (ETH) rallied back above $1500 on Tuesday as it also re-entered a recent support point.
After a minimum of $1,470.02 to start the week, ETH/USD rose to a high of $1,514.08 earlier in today’s session.
As a result of this move, the world’s second-largest cryptocurrency is back trading above its long-term floor at $1,505.
Despite this, overall market momentum remains bearish, with the 10-day MA (red) extending its death cross with its 25-day counterpart (blue).
What has helped ease current market sentiment a bit is the 44.00 floor on the RSI indicator.
If the floor breaks out, there is a strong chance that Ethereum will head towards the $1,450 mark.
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Could cryptocurrencies rally after today’s inflation report? Leave your thoughts in the comments below.
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