Bitcoin (BTC) was trading at $18000 level on Wednesday as the market remained higher after the arrival of US inflation report where Bitcoin/USD was the best victim of $17,930.09 in today’s session after hitting a low of $17,412.19 on Tuesday. and as a result of this move, bitcoin reached its all time high on 9th November and it continues to trade at that level as the last time the price was above and above $18000 where looking at the charts we can see The 14-day Relative Strength Index (RSI) of Bitcoin reached its highest point since early November and currently stands at 60.00, which is slightly below the key range of 60.75. If it moves further from this point, we will definitely see that it has once again moved upwards from the point of $18000.
Ethereum ( ETH ) was also trading at a multi-week high in today’s session and this week certainly turned out to be a much better one for Ethereum as traders gear up for Federal Reserve policy and higher expectations. With the better inflation report coming out, many expect the Fed to hike interest rates by 50 basis points.
ETH/USD touched a level of $1,341.44 on Wednesday and this high comes less than 24 hours after trading at a low of $1,289.23 and Ethereum is certainly in the green for the third consecutive session. With 5 weeks remaining on their head, and like bitcoin before, the RSI is now meandering towards the main resistance level of 59.00 with a current reading of 58.06. This can be a bullish response which has come in the market and if the index forces itself to break this barrier or gear up for its own level then definitely Ethereum can gain momentum and it can move towards $14000. may increase.
