Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Gains Following US Inflation Report

Bitcoin traded supra $22,000 connected Feb. 15, arsenic markets proceed to respond to the latest U.S. ostentation report. The user terms scale roseate 0.5% successful January, pursuing a summation of 0.1% the period prior. Overall, the yearly complaint of ostentation came successful astatine 6.4%, which, though little than December’s sum of 6.5%, was higher than the expected 6.2%. Ethereum besides rallied connected hump-day.

Bitcoin

Bitcoin (BTC) remained supra $22,000 connected Wednesday, with traders continuing to digest the latest ostentation study successful the United States.

Following a debased of $21,632.39 connected Tuesday, BTC/USD rallied to an intraday highest of $22,293.14 earlier today.

Today’s determination pushes the world’s largest cryptocurrency backmost towards a cardinal absorption level of $22,500.

Looking astatine the chart, the 14-day comparative spot scale (RSI) besides appears to beryllium edging person to a ceiling of its ain astatine 60.00

As of writing, terms spot is presently astatine a speechmaking of 51.96, which is its strongest constituent successful the past 7 days.

Should this momentum beryllium maintained, determination is simply a beardown anticipation that BTC could not lone interruption $22,500, but could besides collide with the $23,000 mark.

Ethereum

Ethereum (ETH) was besides successful the greenish successful today’s session, arsenic prices broke retired of a caller constituent of resistance.

ETH/USD deed a precocious of $1,562.03 earlier successful the day, which comes little than 24 hours aft trading astatine a bottommost of $1,501.80.

As a effect of this move, ethereum concisely broke retired of a terms ceiling astatine $1,550, aft bouncing disconnected a level of $1,505.

Earlier gains person somewhat eased, with ETH present trading astatine $1,557.25, which is marginally higher than the aforementioned ceiling.

At the clip of writing, the RSI is hovering astatine 49.86, which is beneath a ceiling of its ain astatine 50.00.

In bid for ethereum bulls to caput backmost towards the $1,600 mark, this ceiling volition archetypal request to beryllium broken.

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Do you expect further rallies successful terms present that the ostentation study has been released? Leave your thoughts successful the comments below.