Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Gains Following US Inflation Report

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Gains Following US Inflation Report

Bitcoin traded above $22,000 on Feb. 15, as markets continue to react to the latest U.S. inflation report. The consumer price index rose 0.5% in January, following a gain of 0.1% the month prior. Overall, the annual rate of inflation came in at 6.4%, which, although lower than December’s sum of 6.5%, was higher than the expected 6.2%. Ethereum also rallied on hump-day. Bitcoin

Bitcoin (BTC) remained above $22,000 on Wednesday, with traders continuing to digest the latest inflation report in the United States.

Following a low of $21,632.39 on Tuesday, BTC/USD rallied to an intraday peak of $22,293.14 earlier today.

Today’s move pushes the world’s largest cryptocurrency back towards a key resistance level of $22,500. BTC/USD – Daily Chart

Looking at the chart, the 14-day relative strength index (RSI) also appears to be edging closer to a ceiling of its own at 60.00

As of writing, price strength is currently at a reading of 51.96, which is its strongest point in the last seven days.

Should this momentum be maintained, there is a strong possibility that BTC could not only break $22,500, but could also collide with the $23,000 mark. Ethereum

Ethereum (ETH) was also in the green in today’s session, as prices broke out of a recent point of resistance.

ETH/USD hit a high of $1,562.03 earlier in the day, which comes less than 24 hours after trading at a bottom of $1,501.80.

As a result of this move, ethereum briefly broke out of a price ceiling at $1,550, after bouncing off a floor of $1,505. ETH/USD – Daily Chart

Earlier gains have somewhat eased, with ETH now trading at $1,557.25, which is marginally higher than the aforementioned ceiling.

At the time of writing, the RSI is hovering at 49.86, which is below a ceiling of its own at 50.00.

In order for ethereum bulls to head back towards the $1,600 mark, this ceiling will first need to be broken.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you expect further rallies in price now that the inflation report has been released? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE, SHIB Surge as Elon Musk Tweets Dog CEO Pictures MARKET UPDATES | 6 hours ago Biggest Movers: SOL Rebounds, TRX up for Fifth Straight Session MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleOnly 4% of Companies in Spain Have Moved to Offer Services in the Metaverse Next articleFormer FTX Executive Accused of Fueling a Charity Through Discounted FTT Purchase Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher