BTC, ETH Move Higher Ahead of US Inflation Report – Market Updates – Bitcoin News

Bitcoin was trading marginally higher on Wednesday as markets braced for the upcoming US inflation report. Cryptocurrencies have mostly consolidated ahead of the launch, which many believe could trigger further action by the Bank of the Federal Reserve. Ethereum was also higher as the token topped $1,300.

Bitcoin

After two straight days of declines, bitcoin (BTC) was back in the green on Wednesday ahead of the US inflation report.

The world’s largest cryptocurrency surged to a high of $19,241.96, less than 24 hours after bottoming at $18,925.60.

Today’s move brought the token closer to its recent resistance level of $19,300, moving away from a one-week low in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Higher Ahead of US Inflation Report
BTC/USD – Daily Chart

Looking at the chart, it can be seen that prices have fallen from previous highs and, at the time of writing, sit just above the $19,100 mark.

This appears to have occurred as the 14-day Relative Strength Index (RSI) approaches a collision with a top of 44.55.

The index is currently at 44.35, and if BTC bulls intend to push prices above $19,300, the first step would be to get past this next hurdle.

Ethereal

Ethereum (ETH) was also up marginally in today’s session as prices rebounded from recent losses.

Following a low of $1,272.74 on Tuesday, ETH/USD hit an intraday high of $1,303.08 earlier in the day.

Since breaking its low price of $1275 yesterday, Ethereum bulls have re-entered the market, and the bearish sentiment is starting to fade.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Higher Ahead of US Inflation Report
ETH/USD – Daily Chart

As seen on the chart, the 10-day moving average (red) appears to have crossed over its 25-day counterpart (blue).

This normally signals the start of a bull run, however with the current level of volatility in the market we are likely to see further consolidation.

The RSI, currently at 41.45, is approaching a top of 42.80, which may be the hurdle that needs to be broken, before further rallies occur.

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Do you expect Ethereum to move towards $1,400 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, having previously been a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




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