BTC Back Above $28,000, Following US Consumer Confidence Report – Market Updates Bitcoin News

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Bitcoin rallied on Wednesday as markets reacted strongly to better-than-expected consumer confidence figures in the US. Data from the Conference Board showed that its monthly survey rose to a reading of 104.2, better than the 101 total expected. Ethereum also climbed, moving above $1,800.

Bitcoin

Bitcoin (BTC) moved above the $28,000 level again on Wednesday, as markets reacted to the latest US consumer confidence report.

The increase in confidence is seen by some as validating the Federal Reserve’s recent decision to marginally raise rates.

After a low of $26,677.82 on Tuesday, BTC/USD raced to an intraday high of $28,619.54 earlier in today’s session.

This latest surge in price occurred as the relative strength index (RSI) continued to move away from a recent floor at the 60.00 mark.

At the time of writing, the index is trailing at the 64.27 level, which is marginally below its upcoming ceiling at 65.00.

Earlier earnings were down slightly as BTC edge closer to this point of resistance, with price now trading at $28,423.03.

Ethereum

Ethereum (ETH) was also back in the green in today’s session, with prices rising above the $1,800 level.

ETH/USD rose to $1,825.60 on Wednesday, which comes less than 24 hours after the price was below $1,700.

As a result of today’s rally, ethereum was able to briefly rise above a recent resistance point at the $1,820 level.

Price later pulled back from this point, which comes after the RSI collided with a ceiling at the 58.00 mark.

Although price strength is now tracking at 58.52, overall market momentum seems poised for consolidation.

The 10-day (red) moving average (MA) is now trending sideways, and should the RSI return below 58.00, chances of a downward cross with the 25-day (blue) MA will increase greatly.

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Do you expect Ethereum to end March above $1,800? Leave your thoughts in the comments below.

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Eliman Dambell

Eliman was previously a director of a London-based brokerage, while also an online business educator. Currently, he comments on various asset classes, including Crypto, Stocks and FX, while also being a startup founder.




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