Bitcoin traded slightly higher Wednesday as the market prepared for the upcoming US inflation report. The cryptocurrency has consolidated little ahead of its release, which many believe could trigger further action by the Federal Reserve. Ethereum was also higher as the token rose to over $1,300.
After two consecutive days of declines, Bitcoin (BTC) turned green again on Wednesday ahead of the US inflation report.
The world’s largest cryptocurrency rose to a high of $19,241.96 in less than 24 hours after hitting a bottom of $18,925.60.
Today’s move saw the token approach the recent resistance level of $19,300, moving away from a one-week low in the process.
The chart shows that the price has fallen from its previous high and sits just above $19,100 at the time of writing.
This is likely due to the 14-day Relative Strength Index (RSI) about to hit a ceiling of 44.55.
Currently, the index is tracking at 44.35 and shouldBTCbulls intend to bring the price back above $19,300 and the first step is to overcome this upcoming obstacle.
Ethereum (ETH) was also up modestly in today’s session as prices rebounded from recent losses.
After hitting a low of $1,272.74 on Tuesday,ETH
Since breaking through the $1,275 price low yesterday, Ethereum bulls have re-entered the market and bearish sentiment is beginning to fade.
As you can see from the chart, the 10-day (red) moving average has crossed the 25-day (blue) moving average.
This usually indicates the start of a bull market, but with the current level of market volatility, we may see more consolidation.
The RSI is currently at 41.45 and is approaching a ceiling of 42.80.
Sign up for email here to receive weekly price analysis updates by email.
Image credits: Shutterstock, Pixabay, Wiki Commons