Bitcoin: Optimism Ahead of Inflation Data
Good news, folks! Bitcoin (BTC) is on the rise, nearing $31,000 as traders eagerly await the upcoming inflation data from the United States. After hitting a low of $30,358.10 on Tuesday, BTC/USD skyrocketed to an intraday high of $30,831.81 today. This surge allowed the world’s largest cryptocurrency to break through the crucial resistance level of $30,800. However, the price has dipped a bit below this point as the relative strength index (RSI) reached a ceiling at 62.00, currently hovering at 61.98. Bulls are hopeful that a breakout will occur after the release of the consumer price index (CPI), with a potential price target of $31,400.
Main Breakdown:
- Bitcoin is approaching $31,000 as traders await inflation data.
- BTC/USD surged from $30,358.10 to $30,831.81 today.
- The cryptocurrency broke through a key resistance level of $30,800.
- RSI reached 62.00 and is now at 61.98.
- A breakout is anticipated after the release of the consumer price index (CPI), targeting $31,400.
Ethereum: A Step Closer to $1,900
Hey there, Ethereum (ETH) fans! It’s a good day as ETH also saw an upward trend, approaching the coveted $1,900 zone. Today, ETH/USD reached a peak of $1,895.08, almost 2% higher than Tuesday’s low of $1,863.22. Unlike bitcoin, Ethereum’s 14-day RSI has surpassed its own ceiling of 52.00 and currently stands at 53.42. However, there’s a potential bearish signal on the horizon, with the 10-day moving average (MA) on the verge of a downward crossover with the blue 25-day MA. This could prompt traders to abandon their long positions. Don’t forget to register your email to receive weekly price analysis updates directly to your inbox!
Main Breakdown:
- Ethereum is closing in on the $1,900 zone.
- ETH/USD peaked at $1,895.08 today.
- Ethereum’s 14-day RSI is tracking at 53.42.
- A potential bearish signal looms with the 10-day MA nearing a downward crossover with the blue 25-day MA.
- Register your email for weekly price analysis updates.
Hot Take:
The cryptocurrency market is showing signs of optimism, with both Bitcoin and Ethereum edging higher. While Bitcoin faces a minor setback, bulls are hopeful for a breakout after the release of inflation data. Ethereum, on the other hand, is making strides towards the $1,900 zone, although a potential bearish signal poses a risk. It’s an exciting time for crypto enthusiasts, so keep a close eye on these developments and stay tuned for more updates!
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