Bitcoin moved above $30,000 on April 11 as bullish sentiment returned to the cryptocurrency market. The market surged on Chinese data showing consumer prices at an 18-month low. Ethereum also rose on the news, approaching $2,000.
Bitcoin
Bitcoin (BTC) was on track to exceed $30,000 for the first time in 10 months as the market reacted to the latest inflation data from China.
China’s consumer prices rose 0.7% in March, the slowest rate of increase since September 2021.
After a low of $28,189.27 earlier in the week,BTC/USD ran up to an intraday high of $30,160.48 earlier today.
This move was attributed to bitcoin’s first strength since June 9, when the 10-day moving average (red) avoided a downward intersection with the 24-day moving average (blue).
In addition to this, the Relative Strength Index (RSI) has broken above the key resistance point of 68.00 and currently stands at 71.05.
The next ceiling appears to be at the 73.00 mark, which may result in bulls starting to secure profits and gradually vacate their previous positions.
Ethereum
Ethereum (ETH) also returned to the green on Tuesday, with prices trading above $1,900 again.
ETH/USD peaked at $1,936.73 earlier in the session today, less than 24 hours after trading at a low of $1,848.16.
As a result of Tuesday’s price surge, the world’s second-largest cryptocurrency approached its highest level since last August.
Looking at the chart, today’s move coincides with the RSI breaking through the 61.00 ceiling.
At the time of this writing, price strength is at a reading of 64.04, with the resistance point going forward at 65.00.
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