Bitcoin Remains in the Green Ahead of Retail Sales Report
Bitcoin has continued its upward trend for a second consecutive session, with the upcoming U.S. retail sales report playing a significant role. As consumer spending is expected to decrease while inflation rises, the price of BTC/USD surged from a low of $26,084.80 to a peak of $26,529.50.
The surge can be attributed to the breakout of the relative strength index (RSI) from a ceiling at 45.00. Currently, the price strength stands at 49.04, just below a ceiling at 53.00. If it surpasses this level, there is a strong possibility that bitcoin will surpass $27,000 in the coming days.
Ethereum Also Sees Gains and Breaks Key Support Point
Ethereum (ETH) has also experienced positive movement as its price rose above a recent support point. ETH/USD reached a high of $1,635.82 after hitting a low of $1,593.11 within 24 hours.
Similar to BTC, this rally coincided with the RSI surpassing its own ceiling at the 40.00 mark and currently sits at 44.00. This rebound increases the likelihood of an upward cross, which could propel ETH closer to $1,700.
Hot Take: Positive Momentum Continues for Bitcoin and Ethereum
Both Bitcoin and Ethereum have seen positive momentum in recent sessions. With bitcoin potentially surpassing $27,000 and ethereum trending towards $1,700, it seems that cryptocurrency investors have reason to be optimistic.
As always, it’s important to keep an eye on market trends and indicators such as the RSI to gauge potential future movements. The upcoming U.S. retail sales report will also play a significant role in shaping the market’s direction.
Overall, the crypto market remains dynamic and ever-changing, offering opportunities for traders and investors alike.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.