Bitcoin trades near $18,000 on Wednesday. continue. Markets remain bullish following the latest US inflation report. Many expect the Federal Reserve (Fed) to raise interest rates by 50 basis points following his data that consumer prices climbed to 7.1%. Ethereum also rose today, holding onto a five-week high.
Bitcoin
Bitcoin (BTC) traded close to $18,000 on Wednesday. This is because the market remained high following the latest US inflation report.
Following Tuesday’s low of $17,412.19,BTC/USD surged to a peak of $17,930.09 early in today’s session.
As a result of this move,BTC continues to trade near his highest since November 9th.
chart, this recent momentum gain is 14 days relative strength The Index (RSI) hits its highest level since early November.
At the time of writing, the index is tracking at the 60.00 mark, just below its major cap of the 60.75 mark.
If Bitcoin rises above this point, it is likely that the coin will cross the $18,000 point again.
Ethereum
Ethereum (ETH) also gained a few weeks in today’s session as traders geared up for the US Federal Reserve’s policy meeting. It traded near its all-time high.
Many expect the Fed to raise interest rates by 50 basis points following reports of better-than-expected inflation.
ETH/USD hit a new high of $1,341.44 on Wednesday. This is within 24 hours of trading at the bottom of $1,289.23.
Chart Maintaining, 3 consecutive trades with the price showing in green.
Similar to Bitcoin before, the RSI is currently hovering near the key resistance level of 59.00 with a reading of 58.06.
If the bulls try to break through this hurdle, market pressure will increase andETH could head towards his $1,400.
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