Bitcoin dropped Wednesday as market reacted strongly soared. US Consumer Confidence Index Beats Expectations. The monthly survey rose to 104.2, above the expected total of 101, according to Conference Board data. Ethereum also rose, breaking above $1,800.
Bitcoin
Bitcoin (BTC) hits $28,000 again on Wednesday as markets react to latest US consumer confidence report exceeded the level of
Some see increased confidence justification for the Federal Reserve’s recent decision to slightly raise interest rates.
Following Tuesday’s low of $26,677.82,BTC/USD raced to an intraday peak of $28,619.54 early in today’s session.
This latest price spike comes as the Relative Strength Index (RSI) continues to stray from its recent low of the 60.00 mark.
At the time of writing, the index is hovering at the 64.27 level, just below the upcoming cap of 65.00. As
BTC approached this resistance point, the previous rally eased slightly and the price is currently trading at $28,423.03.
Ethereum
Ethereum (ETH) also returned to the blue in today’s session as the price climbed above the $1,800 level.
ETH/USD rose to a high of $1,825.60 on Wednesday. This happened within 24 hours of the price dropping below $1,700.
Today’s rally has allowed Ethereum to temporarily rise above the recent resistance point of $1,820.
The price has since retreated from this point after the RSI hit the ceiling at the 58.00 mark.
Price strength is currently tracking at 58.52, but overall market momentum appears to be preparing for consolidation.
The 10-day (red) moving average (MA) is trending sideways, and if the RSI breaks below 58.00, it is much more likely to cross the 25-day (blue) moving average.
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