Bitcoin remained near a two-month high on Tuesday, as markets digested the latest retail sales figures from the United States. Sales, which account for two thirds of the U.S. economy, rose by 0.7% in September, 0.4% higher than expected. Ethereum briefly rose above $1,600.
Bitcoin, Ethereum Technical Analysis: BTC Remains Near 2-Month High, Following Strong US Retail Sales
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Bitcoin
Bitcoin continued to trade above $28,000 on Tuesday, following a better than expected increase in U.S. retail sales.
Despite slipping from a peak of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.
Although gains have eased, this was still considerably higher than yesterday’s low at the $27,855.21 level.
Overall, the recent upward trend means bitcoin is trading at its highest rate since August 18, which comes after the relative strength index ( RSI) broke out of a key resistance level.
The index surged beyond a ceiling at 63.00 in yesterday’s session, peaking above the 65.00 mark.
Price strength has since retreated, however is still marginally above the aforementioned point of resistance.
Ethereum
Ethereum ( ETH), was lower in today’s session, after a brief stint trading above the $1,600 mark for the first time in almost ten days.
ETH/USD peaked at $1,628.16 to start the week, on the back of a tweet from Cointelegraph that suggested Blackrock’s spot bitcoin ETF was approved.
After these claims were proven to be incorrect, the cryptocurrency has since slipped, falling to a low at $1,570.89 earlier today.
As a result of Tuesday’s decline, bears have snapped a four-day win streak, and could now be targeting a floor at $1,540.
From the chart, it appears that a failure to move beyond a ceiling at 49.00 on the RSI indicator also contributed to today’s decline.
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Do you expect momentum to now shift in favor of sellers? Leave your thoughts in the comments below.
