BTC Briefly Moves Back Above $20,000 During Volatile Day of Trading – Market Updates Bitcoin News

Following a volatile day trading, Bitcoin briefly moved back to $20,000 on Thursday. The volatility of crypto markets occurred as data revealed that the US had seen inflation rise to its highest point in more than 40 years. ETH briefly rose to $1,100.

Bitcoin

BTC traded marginally higher than usual on Thursday as the price of Bitcoin rallied after a volatile 24 hour trading session that saw prices plunge below $19,000.

Following this drop, the world’s largest crypto token climbed, hitting a peak of $20,361.12 earlier in the day.

Volatility in the market comes following the release of June’s inflation data, which gained by 1.3%, and now sits at 9.1%.

Bitcoin, Ethereum Technical Analysis: BTC Briefly Moves Back Above $20,000 During Volatile Day of Trading
BTC/USD – Daily Chart

Bitcoin traders expect that the Fed will raise rates by 75 basis points this month. This could have a further impact on prices.

As of writing, BTC/USD is now trading at $19,801.76, which although being lower than earlier highs, is still above yesterday’s floor at $18,999.95.

The 14-day RSI is still below the resistance level of 41.80 on Wednesday. This seems to be the biggest obstacle to a sustained price rise.

Ethereum

ETH also had to battle market volatility on Thursday, as prices came within a stone’s throw of falling below $1,000.

The token fell to a low of $1,019 late in Wednesday’s session, however prices rebounded today, climbing to a high of $1,120.32 in the process.

Prices are now close to $1,080 after breaking the $1,100 threshold.

Bitcoin, Ethereum Technical Analysis: BTC Briefly Moves Back Above $20,000 During Volatile Day of Trading
ETH/USD – Daily Chart

The lack of momentum is causing price uncertainty, similar to bitcoin. Both the 10-day and the 25-day moving Averages are trending sideways despite the recent crossover.

We will need momentum to increase, but relative strength must also rise. However, the RSI indicator trades below its ceiling.

Overall, ethereum has fallen 8.26% over the past seven days. However, there is some hope that this trend will change soon.

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Are we likely to see ETH drop below $1,000 before it rises above $1200? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, educator in retail trading, and commentator in Crypto, Stocks, and FX.




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