Bitcoin rose higher on Wednesday as markets reacted strongly to better-than-expected consumer confidence numbers in the United States. Data from the Conference Board showed its monthly survey rose to a reading of 104.2, better than the expected sum of 101. Ethereum rose as well, breaking above $1,800.
Bitcoin
bitcoin (BTC) once again moved above the $28,000 level on Wednesday, as markets reacted to the latest US consumer confidence report.
Some see the rise in confidence as validating the Federal Reserve’s recent decision to raise rates marginally.
After a low of $26,677.82 on Tuesday, BTC/USD reached an intraday high of $28,619.54 earlier in today’s session.
This latest rise in price came as the RSI continued to pull away from a recent bottom at the 60.00 mark.
At time of writing, the index is at the 64.27 level, which is marginally below its next top at 65.00.
Earnings above have declined slightly as BTC has moved closer to this resistance point, with the price now trading at $28,423.03.
Ethereal
ethereal (ETH) was also in the green again today, with prices rallying above the $1,800 level.
ETH/USD rose to a high of $1,825.60 on Wednesday, less than 24 hours after the price broke below $1,700.
As a result of today’s rally, Ethereum was able to briefly break above a recent resistance point at the $1820 level.
The price has since pulled back from this point, which comes after the RSI hit a top at the 58.00 mark.
Although price strength is now at 58.52, the overall market momentum seems to be setting up for consolidation.
The 10-day MA (red) is now trending sideways, and if the RSI turns back below 58.00, the chances of a downside crossover with the 25-day MA (blue) will increase considerably.
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