Bitcoin Remains Strong After Positive U.S. Retail Sales Data
Bitcoin held steady near a two-month high on Tuesday as the market reacted to the latest retail sales figures from the United States. The data showed that sales, which make up two-thirds of the U.S. economy, increased by 0.7% in September, surpassing expectations by 0.4%. Meanwhile, Ethereum briefly reached above $1,600.
Bitcoin’s Resilience
Despite a slight dip from its peak of $30,000 on Monday, Bitcoin continued to trade above $28,000 on Tuesday following the positive retail sales report. In today’s session, BTC/USD remained above $28,600, well above yesterday’s low of $27,855.21.
This recent upward trend has brought Bitcoin to its highest rate since August 18 after the relative strength index (RSI) broke through a key resistance level. Although the RSI has slightly retreated from its peak above 65.00, it still remains marginally above the resistance level.
Ethereum’s Brief Surge and Decline
Ethereum (ETH) experienced a brief period of trading above $1,600 for the first time in almost ten days. This surge was triggered by a tweet from Cointelegraph suggesting that Blackrock’s spot Bitcoin ETF had been approved. However, these claims were proven to be false, leading to ETH/USD falling to a low of $1,570.89 earlier today.
The decline in Ethereum ended a four-day winning streak and raises concerns about a potential floor at $1,540. Additionally, the failure to surpass the RSI ceiling at 49.00 also contributed to today’s decrease in value.
Hot Take: Bitcoin Holds Strong, Ethereum Faces Decline
Bitcoin remains resilient and continues to trade at a high level after positive U.S. retail sales data. The recent increase in sales has boosted the market and brought Bitcoin to its highest rate since August. On the other hand, Ethereum experienced a brief surge followed by a decline due to false information about Blackrock’s Bitcoin ETF approval. This decline ended a four-day winning streak for Ethereum and raises concerns about its future performance. Overall, Bitcoin seems to be holding strong while Ethereum faces some challenges.
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