Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Higher Ahead of US Inflation Report
Bitcoin was trading marginally higher on Wednesday, as markets prepared for the upcoming U.S. inflation report . Cryptocurrencies have mostly consolidated ahead of the release, which many believe could trigger further action from the Federal Reserve Bank. Ethereum was also higher, as the token rose above $1,300. Bitcoin Following two consecutive days of declines, bitcoin (BTC) was back in the green on Wednesday ahead of the U.S. inflation report. The world’s largest cryptocurrency rose to a high of $19,241.96, less than 24 hours after hitting a bottom of $18,925.60. Today’s move saw the token edge closer to its recent resistance level of $19,300, moving away from a one-week low in the process. BTC/USD – Daily Chart Looking at the chart, it can be seen that prices have fallen from earlier highs, and as of writing, sit just above the $19,100 mark. This seems to have come as the 14-day relative strength index (RSI) nears a collision with a ceiling of 44.55. ...