Bitcoin rose to its highest level since September as the market prepared for the release of US retail sales data. This afternoon’s economic release is expected to cool sales as consumers brace for a recession. Ethereum also rose on the news and continued to hover near $1600.
Bitcoin
Bitcoin (BTC) rose above a key resistance level of $21,400 in today’s session, hitting a new multi-month high in the process.
Following a low of $21,120.16,BTCsoared to a peak of $21,438.66 early in Wednesday’s session after a low of $21,120.16,22} BTC/USD
This price surge saw the world’s largest cryptocurrency rise to its strongest point since September 13.
BTC
The move comes as the market awaits the release of US Retail Sales, which are expected to decline from -0.6% to -0.8%.
From the chart, price strength continues to hover in overbought territory, with the 14-day relative strength index (RSI) at 87.92.
The next resistance point is at the 90.00 mark, which could be a long-term bullish challenge.
Ethereum
Ethereum (ETH) also rose modestly on Wednesday, continuing to trade near the $1600 ceiling.
ETH/USD soared to a hump-day high of $1,594.00 in less than 24 hours after falling to a bottom of $1,562.06.
Today’s price rise means that Ethereum has rallied higher in 10 of the last 11 sessions.
At the time of writing, the 14-day RSI is at 84.18, which, like Bitcoin, is deep in overbought territory.
Looking at the chart, the last timeETHtraded at this point in early November, the price then fell significantly.
Many technical traders will likely take note of this, and the fear of history repeating itself may cause many to liquidate their current positions.
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