Bitcoin briefly returned to $20,000 territory on Thursday after a volatile day of trading. Volatility in the crypto market came as published data showed that U.S. inflation rose to its highest level in more than 40 years. ETHalso briefly rose above $1,100.
Bitcoin
BTCrose modestly on Thursday after a turbulent 24 hours of trading that saw prices fall below $19,000.
After this drop, the world’s largest crypto token rallied, peaking at $20,361.12 later in the day.
Market volatility comes following the release of June inflation data, which increased 1.3% and now sits at 9.1%.
Bitcoin traders now expect the Fed to raise rates another 75 basis points later this month, further affecting prices possible further impact on the price.
At the time of writing,BTC/USD is currently trading at $19,801.76, lower than its previous high but above yesterday’s bottom at $18,999.95.
As on Wednesday, the 14-day RSI is below resistance at 41.80, which appears to be the main obstacle preventing a sustained price breakout.
Ethereum
ETHalso had to contend with market volatility on Thursday, with prices just one step below $1000.
The token fell to a low of $1,019 late in Wednesday’s session, but prices rebounded today, rising to a high of $1,120.32 in the process.
Since crossing this $1,100 threshold, previous bulls have turned bearish, with prices now trading near $1,080.
Like Bitcoin, the 10-day and 25-day moving averages have recently crossed over the limit, but despite the sideways trend and and the lack of directionality in momentum has increased price uncertainty.
Relative strength would also need to surge for momentum to rise, but the RSI indicator continues to trade below its own upper limit.
Overall, ethereum is currently down 8.26% over the past 7 days, but there remains optimism that this sentiment could change soon.
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