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BTC Nears $22,000 Ahead of US Inflation Report – Market Updates

Bitcoin rallied in Tuesday’s session as markets braced for this afternoon’s US inflation report. Annual inflation in the United States is expected to have fallen to 6.2% in January, down 0.3% from the previous month. Ethereum also recovered and climbed back above $1,500.


Bitcoin (BTC) rebounded from recent losses in today’s session as prices neared $22,000.

BTC/USD hit an intraday high of $21,849.01 earlier in the day after falling to a low of $21,460.09 on Monday.

In today’s action, Bitcoin endured a two-day losing streak and prices refused a full breakout above a $21,500 floor.

BTC Nears $22,000 Ahead of US Inflation Report – Market Updates, Crypto Trading News
BTC/USD daily chart

Looking at the chart, the 14-day Relative Strengthindex (RSI) also rejected a break of its own, with the index remaining above its support at 44.00.

As of this writing, price strength stands at 47.86, with a Resistance from 50.00 near.

For the BTC bulls to take the price above $22,000, this resistance point needs to be broken.


Etheruem (ETH) climbed back above $1,500 on Tuesday as it also recently touched a support point again.

After hitting a low of $1,470.02 earlier in the week, ETH/USD rallied to a high of $1,514.08 at the start of today’s session.

As a result of this step becomes the second largest cryptocurrency The world once again traded above its long-term bottom at $1,505.

BTC Nears $22,000 Ahead of US Inflation Report – Market Updates, Crypto Trading News
ETH/USD daily chart

Despite this, overall market momentum remains bearish, with the 10-day (red) moving average (MA) extending its death cross with its 25-day (blue) counterpart.

What has helped somewhat to ease the current market sentiment is the 44.00 floor on the RSI indicator.

If the bottom breaks, there are strong chances of Ethereum heading towards the $1,450 level.

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Could Cryptocurrencies Rally After Today’s Inflation Report? Leave your thoughts in the comments below.

BTC Nears $22,000 Ahead of US Inflation Report – Market Updates, Crypto Trading News

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. Previously he was brokerage director and onlineTrading-Instructor. He currently acts as a commentator for various asset classes including crypto, stocks and forex while also being a startup founder.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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