Bitcoin
In today’s session, Bitcoin (BTC) has moved back above the $31,000 level, which is good news. However, the market remains volatile and there is an upcoming inflation report from the United States, which could impact the price.
- BTC/USD surged to an intraday peak of $31,026.08 earlier today.
- The decline in price came as the relative strength index (RSI) failed to surpass 61.00.
- Price strength is currently at 58.96, with the next visible support at 55.00.
- The 10-day moving average is getting closer to its 25-day counterpart, increasing the chances of a downturn.
Ethereum
Ethereum (ETH) briefly rose above the $1,900 zone today, but has since shifted lower and is currently trading at $1,870.15. The RSI is at a reading of 50.43, just below a key level at 51.00. If the RSI can rise above this level, there is a strong possibility that ethereum will go back above $1,900.
Overall, both Bitcoin and Ethereum are experiencing volatility, but there is potential for upward movement if certain indicators are met.
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Hot Take
Bitcoin and Ethereum are facing some challenges in the market, but there is still hope for a recovery. Keep an eye on the RSI and support levels for potential buying opportunities. Stay informed with weekly price analysis updates to make informed decisions. Remember, volatility can present both risks and opportunities, so proceed with caution and do your research.
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