Bitcoin, Ethereum Technical Analysis: BTC Nears $27,000 as Market Reacts to Latest US Personal Consumption Data
Bitcoin moved closer to the $27,000 level on Saturday, as markets continued to react to the latest Personal Consumption data from the United States. The key inflation index rose to 4.4% in April, higher than expectations of a drop to 3.9%. Ethereum also edged higher.
Bitcoin
Bitcoin (BTC) rallied towards $27,000 to start the weekend, as prices reacted to the latest Personal Consumption data in the United States.
BTC/USD climbed to a peak of $26,916.67 earlier in today’s session, which came a day after trading at a low of $26,370.55.
The move sees bitcoin climb for a third straight session, moving past a floor at $26,3000 in the process.
From the chart, the latest surge in price came as the 14-day relative strength index (RSI) bounced from a support point at 39.00.
At the time of writing this, the index is now tracking at 43.02, with the next visible point of resistance at 45.00.
Should this point be broken, then there is a strong possibility that BTC will move back over the $27,000 level.
Ethereum
In addition to BTC, ethereum (ETH) also moved higher on Saturday, remaining above the $1,800 level.
Following a low of $1,810.37 on Friday, ETH/USD managed to hit an intraday high of $1,837.87 earlier in the day.
This surge led to the world’s second-largest cryptocurrency breaking out of its recent ceiling of $1,830.
However, as the day has progressed, earlier gains have somewhat fallen, with ETH now trading at $1,828.18.
It appears that market uncertainty has also risen, as the RSI neared a ceiling of its own at the 49.00 mark.
Price strength is now tracking at 48.75, and should it break out of this point, then there could be further highs from ETH this weekend.
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Do you expect ETH to move above $1,900 this weekend? Leave your thoughts in the comments below.
