On Wednesday, Bitcoin trades marginally higher as the markets get ready for the U.S. inflation report. The majority of cryptocurrencies had already consolidated prior to the report’s release. Many people believe this could lead to further Federal Reserve Bank action. Ethereum also rose, with the token rising above $1300.
Two days of consecutive declines saw bitcoin (BTC), ahead of Wednesday’s U.S. Inflation Report, back in green.
The world’s largest cryptocurrency rose to a high of $19,241.96, less than 24 hours after hitting a bottom of $18,925.60.
Today’s move saw the token edge closer to its recent resistance level of $19,300, moving away from a one-week low in the process.
The chart shows that prices are falling from their earlier peak and is currently just over $19,100.
As the 14-day relative power index (RSI), nears a collision with a limit of 44.55, this seems to be happening.
The index currently tracks at 44.35. Should BTC bulls want to bring prices above $19,000.300, then the first thing to do is to get over this obstacle.
Ethereum (ETH) was also marginally higher in today’s session, as prices rebounded from recent losses.
After a Tuesday low of $1272.74, ETH/USD surged to an intraday high of $1303.08 just a few hours earlier.
Yesterday’s breakout from the $1,275 floor price level has seen ethereum bulls return to the market. Bearish sentiment is beginning to recede.
The chart shows that the 10-day moving average (red) seems to have crossed its counterpart (blue), as can be seen in the graph.
This usually signals a bull run. But, due to the current volatility, it’s possible that there will be more consolidation.
The RSI currently tracks at 41.45. It is now closer to a ceiling level of 42.80. If this happens, it may signal the end to further surges.
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