Bitcoin: Trading Above $26,000 as Markets Anticipate U.S. Inflation Report
In today’s trading session, Bitcoin once again reached a price above $26,000, with investors preparing for the upcoming U.S. inflation report. After hitting a low of $25,781.12 on Tuesday, BTC/USD surged to an intraday peak of $26,451.94 earlier today. This increase in price signals a move away from the recent three-month low experienced by the world’s largest cryptocurrency.
The surge in price is reflected in the 14-day relative strength index (RSI) chart, which shows the RSI surpassing a ceiling of 44.00. Currently, the RSI stands at 47.23, with the next visible resistance point at 50.00. If this level is reached, it is likely that BTC will trade closer to $27,000.
Ethereum: Rebound Above $1,600 After Hitting Six-Month Low
Ethereum (ETH) has also rebounded from its six-month low on Tuesday and climbed back above $1,600. In today’s session, ETH/USD peaked at $1,616.54 after reaching a bottom of $1,582.22 less than 24 hours earlier. This recovery in price has pushed the RSI out of oversold territory and it is now below a key resistance level.
The current resistance sits at 40.00, while the price strength is currently at 39.40. If this zone is broken, there is likely to be a push above the $1,620 support point for Ethereum.
Hot Take: Cryptocurrencies Show Signs of Recovery Amidst Market Volatility
Both Bitcoin and Ethereum have demonstrated signs of recovery after experiencing recent lows. The increase in price for Bitcoin above $26,000 and Ethereum above $1,600 indicates a positive shift in market sentiment. With the upcoming U.S. inflation report, investors are closely monitoring these cryptocurrencies as potential hedges against inflation. The resistance levels to watch for Bitcoin are at $27,000, while Ethereum has a support point at $1,620. As the market remains volatile, it is important to stay informed and make well-informed investment decisions.
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