ETH, BTC Soar As U.S. Inflation Uncertainty Fades – Bitcoin News

Ethereum traded higher on Friday as market volatility eased following the latest US inflation report. Core inflation rose 0.6%, and consumer prices rose to 8.2%, beating expectations of 8.1%. Nevertheless, traders seem to have breathed a sigh of relief as the uncertainty surrounding the report has now passed. Bitcoin nears $20,000 in news.

Bitcoin

Bitcoin (BTC) moved towards the $20,000 levels on Friday as uncertainty in the cryptocurrency market eased following the latest US inflation report.

Markets reacted positively as speculation around the report faded, even though consumer prices rose more than expected.

The report found that BTC/USD rose to an intraday high of $19,835.17 within 24 hours after trading at a low of $18,642.11.

The rally has turned momentum again, with several indicators tipping into bullish territory.

The 14-day Relative Strength Index (RSI) is currently above the 50.00 mark, tracking 51.54 at the time of writing and may be headed for a 55.00 ceiling.

If this point is reached, Bitcoin could not only rise above $20,000, but approach $20,500.

ethereum

Ethereum also climbed higher in today’s session as the token climbed above $1,300 and crashed into a key resistance point in the process.

ETH/USD rose to a peak of $1,335.10 earlier in the day, colliding with key resistance levels at the same point in the process.

This is the highest price the world’s second largest cryptocurrency has traded since the beginning of the week.

However, since hitting this high, the price has dropped slightly and the token is currently trading at $1,328.51.

As you can see from the chart, this is because the RSI has collided with its own resistance point at the 46.50 mark.

For Ethereum to continue rising, price strength needs to exceed the current cap.

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Do you think the bullish pressure will continue into the weekend? Leave your thoughts in the comments below.

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