Bitcoin rebounded on March 1 as the market reacted to the latest consumer confidence report from the US. Confidence fell last month, which could be a sign that rising interest rates are starting to take effect. Ethereum also moved higher on Wednesday, with prices exceeding $1.650.
Bitcoin
Bitcoin (BTC) rebounded on Wednesday, this in the aftermath of the latest US consumer confidence report.
The February consumer confidence index fell to 102.9, below the market’s expected total of 108.5.
After hitting a low of $23,077.65 on Tuesday,BTCsurged to an intraday peak of $23,880.63 later that day.
The move took bitcoin just above the long-term resistance level of $23,800, hitting a five-day high in the process.
A slight breakout also occurred on the 14-day Relative Strength Index (RSI), which rose above the 54.00 ceiling.
As of this writing, the index is hovering at 55.02, confirming that the next resistance zone is at the 60.00 level.
Ethereum
Like Bitcoin, Ethereum (ETH) also rose on hump day, with prices again above $1650.
As a result of this surge, the world’s second largest cryptocurrency rose to its strongest point since last Thursday.
Moreover, price strength also rose above the ceiling at the 53.00 mark, tracking the index at 54.68 at the time of writing.
However, the 10-day moving average (red) has crossed over the 25-day moving average (blue), which could lead to a sell-off in the future.
If this cross occurs, there is apossibility that ETHcould fall toward the $1,550 floor.
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