Bitcoin rose to a four-week high on Thursday, with prices soaring above $18,000 before the upcoming U.S. inflation report. This comes as many expect today’s numbers to show a considerable drop in consumer prices. Ethereum also rose, surpassing $1,400 in the process.
Bitcoin
Bitcoin (BTC) surged above $18,000 on Thursday as the market braced for a further decline in U.S. consumer prices.
BTC/USD surged to an intraday high of $18,268.55 earlier in today’s session, less than 24 hours after trading as low as $17,337.99.
Today’s move took bitcoin to its strongest since December 14, when the price reached a peak of $18,385.
BTC
The chart shows a rally as the 14-day relative strength index (RSI) continues to move deeper into overbought territory
As of this writing, the index is at 75.98, its highest level since October 2021.
Depending on inflation this afternoon, there could be a reversal inBTC
as the previous momentum may have already peaked.
Ethereum
Ethereum (ETH) also rose significantly in today’s session, with prices moving to a two-month high.
After Wednesday’s low of $1,323.58,ETH/USD soared to a peak of $1,408.13 earlier in the day.
As a result of this rally, the world’s second largest cryptocurrency is now trading at its strongest position since November 8.
Like Bitcoin earlier, the move was triggered by the RSI breaking the 69.00 ceiling and is currently at 75.89.
Additionally, the 10-day (red) moving average continues to intersect upward against the 25-day (blue) moving average.
If this momentum maintains this trajectory, the next target for the bulls will likely be the $1470 ceiling.
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