Bitcoin hit a new multi-week high on Wednesday as markets turned their attention to tomorrow’s US inflation rate report. Thursday’s report is expected to show consumer prices have fallen to 6.5%, down from 7.1% the previous month. Ethereum was also up marginally higher on the day.
Bitcoin
bitcoin (BTC) rallied above a key resistance level on Wednesday ahead of tomorrow’s US inflation report.
After a low of $17,226.64 on Tuesday, BTC/USD reached a high of $17,493.32 earlier in today’s session.
As a result of the move, the world’s largest cryptocurrency reached its strongest point since December 15.
Looking at the chart, today’s price surge came as the 14-day RSI broke through a resistance point at the 60.00 mark.
Currently, the index stands at 63.80. this comes as BTC it continues to hover around its own ceiling at the $17,400 mark.
To get closer to the $18,000 zone, the RSI will first need to move beyond the 64.00 ceiling on the RSI.
Ethereal
ethereal (ETH) was also marginally higher in today’s session, with prices continuing to trade below a long-term ceiling.
ETH/USD hit a high of $1,342.76 earlier in the day, less than 24 hours after trading as low as $1,324.97.
In general, ethereum remains below a resistance point of $1350, with many expecting prices to move after the release of US inflation figures tomorrow.
As can be seen on the chart, consolidation below this price maximum occurs when the RSI continues to trade under a hurdle of its own.
Price strength now lies at the 68.73 level, which is under a point of resistance at the 70.00 mark.
ETH The bulls are likely to continue to target a move above $1400, however for this to happen the 70.00 RSI level must first be broken.
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