Bitcoin Ends Losing Streak as Traders React to US Inflation Report
Bitcoin (BTC) broke its five-day losing streak on Friday as markets responded to the latest US inflation report. After reaching a low of $26,558.32 on Thursday, BTC/USD climbed to an intraday high of $26,919.04. The rebound came after Bitcoin hit the $26,560 level, which acted as a temporary floor for the cryptocurrency.
The longer-term support for Bitcoin is at $26,000, but the relative strength index (RSI) has yet to drop below 45.00, indicating that the price has not reached this level. The RSI is currently at 46.41 and may decrease further in the coming days. If the support level holds, Bitcoin could potentially reach $27,000 over the weekend.
Ethereum Rebounds from Support Level
Ethereum (ETH) also saw a slight increase in price after rebounding from its own support level on Friday. ETH/USD reached a peak of $1,553.51 during the session, bouncing back from a low of $1,523.24 the day before. The recent low was the weakest point for Ethereum since March 12 when it bottomed out at $1,612.
The 10-day moving average has been crossing below the 25-day moving average, indicating bearish sentiment for Ethereum. Although the price is currently above the support level at $1,535, there is a possibility that it could change in the near future.
Hot Take: Bitcoin and Ethereum Show Signs of Recovery
Bitcoin and Ethereum both experienced rebounds after recent bear runs. Bitcoin found support at around $26,560 and may reenter the $27,000 level over the weekend if this support level holds. Ethereum bounced back from its support level at $1,535 and reached a peak of $1,553.51. However, the bearish sentiment indicated by the moving averages suggests that caution is still needed. Overall, both cryptocurrencies show signs of recovery as traders react to market conditions.
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.