Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $22,000 Ahead of US Inflation Report

Bitcoin rebounded successful Tuesday’s session, arsenic markets prepared for this afternoon’s U.S. ostentation report. It is expected that the yearly complaint of ostentation successful the United States dropped to 6.2% successful January, down 0.3% from the period prior. Ethereum besides rallied, climbing backmost supra $1,500.

Bitcoin

Bitcoin (BTC) rebounded from caller losses successful today’s session, arsenic prices moved person to the $22,000 level.

BTC/USD deed an intraday precocious of $21,849.01 earlier successful the day, which comes aft falling to a debased of $21,460.09 connected Monday.

Today’s enactment saw bitcoin drawback a two-day losing streak, and comes arsenic prices rejected a afloat breakout of a level astatine $21,500.

BTC/USD – Daily Chart

Looking astatine the chart, the 14-day comparative spot scale (RSI) besides rejected a interruption of its own, with the scale remaining supra its enactment astatine 44.00.

As of writing, terms spot is astatine a speechmaking of 47.86, with a absorption of 50.00 nearby.

In bid for BTC bulls to instrumentality terms supra the $22,000 mark, this constituent of absorption volition request to beryllium broken.

Ethereum

Etheruem (ETH) climbed backmost supra $1,500 connected Tuesday, arsenic it besides reentered a caller enactment point.

Following a debased of $1,470.02 to commencement the week, ETH/USD rallied to a highest of $1,514.08 earlier successful today’s session.

As a effect of this move, the world’s 2nd largest cryptocurrency is erstwhile again trading supra its semipermanent level astatine $1,505.

ETH/USD – Daily Chart

Despite this, wide marketplace momentum remains bearish, with the 10-day (red) moving mean (MA) extending its decease transverse with its 25-day (blue) counterpart.

What has somewhat helped to easiness the existent marketplace sentiment is the level of 44.00 connected the RSI indicator.

Should the level break, determination is simply a beardown anticipation that ethereum volition beryllium heading for the $1,450 mark.

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Could cryptocurrencies rally aft today’s ostentation report? Leave your thoughts successful the comments below.

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