Bitcoin returned to the green on Saturday, with prices ending the weekend near the $29,000 level. After a volatile session on Friday, the cryptocurrency market has mostly rallied in April. Ethereum once again topped the $1,800 level.
Bitcoin
Bitcoin (BTC) rose toward $29,000 on Saturday as the market continued to react to yesterday’s U.S. personal consumption expenditures (PCE) figures.
PCE rose to 0.3% in March, below the 0.4% the market had expected, indicating that inflation is slowing.
BTC/USD rose to an intraday high of $28,802.46 in today’s session, overnight after trading at a low of $27,854.63.
chart, the move sawBTCtemporarily break out of $28,500, a long-term resistance line.
The earlier gains were reduced as the 14-day Relative Strength Index (RSI) failed to break above the 65.00 ceiling.
As of this writing, the index is hovering at 63.65, with a floor of 62.00 a possible target for sellers.
Ethereum
Ethereum (ETH) also rose over the weekend, with prices again above the $1,800 level.
Following Friday’s low of $1,789.76,ETH/USD ran up to a peak of $1,844.68 earlier in the session today.
As a result of this move, the world’s second largest cryptocurrency jumped through the ceiling of the $1,825 zone.
From the chart, this seems to coincide with the RSI breaking out of resistance at 59.00.
At the time of this writing, price strength is at 60.15 and the next ceiling appears to be near 62.00.
As the RSI approaches this point, Ethereum bulls will be looking to move the price toward their long-term target of $1,900.
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