Bitcoin surged to a one-month high on Dec. 13, ahead of the latest inflation report from the United States. It is expected that consumer prices will fall to 7.3% in November, which would be a drop of 0.4% from the month prior. Ethereum was also higher in today’s session, as prices neared the $1,300 mark.
Bitcoin (BTC) rallied to a one-month high on Tuesday, as markets began to price in a fall in consumer prices in the United States.
Following a low of $16,966.59 to start the week, BTC/USD raced to an intraday peak of $17,457.30 earlier in today’s session.
This move saw the world’s largest cryptocurrency fly to its strongest point since November 11, when price was at a high of $17,645.
As can be seen from the chart, today’s surge comes as the 14-day relative strength index (RSI) moved beyond a ceiling of its own.
The index climbed above a resistance level of 52.00 earlier in the day, and as of writing is tracking at 55.00.
Despite this afternoon’s report, we will likely see more volatility on Wednesday, as traders get ready for the upcoming U.S. Federal Reserve rate decision.
Ethereum (ETH) also rose in today’s session, as bulls reentered the market, taking prices close to the $1,300 level.
ETH/USD raced to a high of $1,294.10 in today’s session, which comes less than a day after hovering at a low of $1,248.36.
As a result of today’s move, ETH/USD moved closer to a recent resistance level of $1,300, as prices were almost 4% higher than Monday’s peak.
Like with bitcoin, bullish sentiment in ethereum returned following a breakout of a resistance level at the 53.00 mark.
As of writing, the index is tracking at 53.75, and now seems to be moving towards a ceiling of 55.00.
ETH will likely recapture the $1,300 level, however what happens at that level is the key question for traders.
Register your email here to get weekly price analysis updates sent to your inbox: