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BTC, ETH Rise Ahead of US Inflation Report – Market Update Bitcoin News

Bitcoin traded slightly higher on Wednesday as the market prepares for the next US inflation report. Many believe the cryptocurrency was largely consolidated ahead of its release and could spark further action from the Federal Reserve. Ethereum also rose as the token crossed $1,300 .

Bitcoin

Bitcoin (BTC), which fell for a second day in a row, turned green on Wednesday ahead of the US inflation report.

The world’s largest cryptocurrency hit a high of $19,241.96 within 24 hours after bottoming out at $18,925.60.

Today’s move brought the token closer to the recent resistance level of $19,300, breaking away from the one-week lows in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rise Ahead of US Inflation Report
BTC/USD – daily chart

Looking at the chart, we can see that the price has fallen from its previous highs and is just above $19,100 at the time of writing.

This appears to have happened when the 14-day Relative Strength Index (RSI) was close to colliding with the 44.55 ceiling.

The index is currently tracking 44.35, and if BTC bulls are to try to push the price back above $19,300, the first step is to overcome this next obstacle.

ethereum

Ethereum (ETH) also edged higher in today’s session as the price bounced back from recent losses.

Following Tuesday’s low of $1,272.74, ETH/USD raced to an intraday peak of $1,303.08 earlier in the day.

Since breaking the $1,275 price floor yesterday, Ethereum bulls have re-entered the market and the bearish sentiment is starting to fade.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rise Ahead of US Inflation Report
ETH/USD – daily chart

As you can see from the chart, the 10-day (red) moving average seems to have crossed the 25-day (blue) moving average.

This usually marks the beginning of a bull market, but with the current level of market volatility, we could see further consolidation.

The RSI, which is currently tracking 41.45, is approaching the 42.80 cap, which could be a hurdle that needs to be broken before any further surges occur.

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Do you think Ethereum will move towards $1,400 this week? Leave your thoughts in the comments below.

Elliman Dumbbell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he is a commentator on various asset classes including cryptocurrencies, equities and forex.




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BTC, ETH Rise Ahead of US Inflation Report – Market Update Bitcoin News

Source link BTC, ETH Rise Ahead of US Inflation Report – Market Update Bitcoin News

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