{"id":16381,"date":"2023-01-12T14:09:59","date_gmt":"2023-01-12T14:09:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-above-18000-eth-hits-2-month-high-market-updates-bitcoin-news\/"},"modified":"2023-01-12T14:09:59","modified_gmt":"2023-01-12T14:09:59","slug":"btc-above-18000-eth-hits-2-month-high-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-above-18000-eth-hits-2-month-high-market-updates-bitcoin-news\/","title":{"rendered":"BTC Above $18,000, ETH Hits 2-Month High \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin rose to a four-week high on Thursday, as price surged above $18,000 hours before the upcoming U.S. inflation report. This comes as many expect today\u2019s figures to show a considerable drop in consumer prices. Ethereum also moved higher, climbing above $1,400 in the process.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) surged above $18,000 on Thursday, as markets prepared for a further drop in U.S. consumer prices.<\/p>\n

BTC<\/a>\/USD raced to an intraday high of $18,268.55 earlier in today\u2019s session, less than 24 hours after trading at a low of $17,337.99.<\/p>\n

Today\u2019s move saw bitcoin climb to its strongest point since December 14, when prices were at a peak of $18,385.<\/p>\n

\"Bitcoin,
BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, the rally took place as the 14-day relative strength index (RSI) continued to move deeper into overbought territory<\/p>\n

As of writing, the index is now tracking at 75.98, which is its highest mark since October 2021.<\/p>\n

Depending on this afternoon\u2019s inflation rate, there could be a reversal in BTC<\/a>, as earlier momentum may have already peaked.<\/p>\n

Ethereum<\/h2>\n

Ethereum (ETH<\/a>) was also significantly higher in today\u2019s session, with prices moving to a two-month high.<\/p>\n

Following a low of $1,323.58 on Wednesday, ETH<\/a>\/USD jumped to a peak of $1,408.13 earlier in the day.<\/p>\n

As a result of this rally, the world\u2019s second largest cryptocurrency is now trading at its strongest position since November 8.<\/p>\n

\"Bitcoin,
ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Like with bitcoin earlier, the move has occurred as the RSI broke out of a ceiling at 69.00, and it is currently tracking at 75.89.<\/p>\n

In addition to this, the 10-day (red) moving average has continued its upwards crossover versus its 25-day (blue) counterpart.<\/p>\n

Should this momentum maintain this trajectory, then the next target for bulls will likely be a ceiling of $1,470.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect the inflation report to send cryptocurrencies even higher? Leave your thoughts in the comments below.<\/strong><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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