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Wednesday saw a sharp increase in the price of bitcoin (BTC) as markets reacted favourably to higher-than-anticipated consumer confidence data from the United States. The Conference Board’s monthly survey increased to a reading of 104.2, which was higher than the 101 total predicted, according to data. Ethereum also increased, crossing the $1,800 mark.
Bitcoin
On Wednesday, when markets reacted to the most recent American consumer confidence survey, Bitcoin (BTC) once more crossed the $28,000 mark.
Some believe that the rise in confidence supports the Federal Reserve’s recent decision to slightly raise interest rates.
BTC/USD accelerated to an intraday top of $28,619.54 earlier in today’s session after Tuesday’s low of $26,677.82.
This latest surge in price occurred as the relative strength index (RSI) continued to move away from a recent floor at the 60.00 mark.
The index is currently tracking at a level of 64.27, just below its anticipated peak of 65.00.
Early gains have significantly slowed as BTC has approached this obstacle; it is currently trading at $28,423.03.
Ethereum
In today’s session, Ethereum (ETH) prices rose back above $1,800, returning to the green.
On Wednesday, the price of ETH/USD reached a high of $1,825.60, less than a day after it dropped below $1,700.
Ethereum was able to momentarily cross a recent resistance level at the $1,820 level as a result of today’s advance.
After the RSI bumped against a ceiling at the 58.00 level, price has moved backward from this area.
Despite the fact that price strength is currently tracking at 58.52, the market’s general trend appears to be gearing up for consolidation.
The 10-day (red) moving average (MA) is currently in a sideways trend, and if the RSI drops again below 58.00, there is a much higher risk that it will cross downward with the 25-day (blue) MA.
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