• Bitcoin (BTC) rose to its highest level since September, hitting a peak of $21,438.66 in the early hours of Wednesday’s session.
• Ethereum (ETH) also moved marginally higher on Wednesday, as it continued to trade near a ceiling of $1,600.
• Markets are preparing for the release of U.S. retail sales figures, which are expected to decline to -0.8%.
Cryptocurrencies like Bitcoin and Ethereum have been on the rise lately, with both hitting multi-month highs in the past few days. Bitcoin rose above the key resistance level of $21,400, climbing to $21,438.66 earlier this morning. Ethereum also saw a slight increase, trading near a ceiling of $1,600.
The surge in prices comes as markets prepare for the release of U.S. retail sales figures, which are expected to decline to -0.8%. This could be a sign of a recession, as consumers tighten their spending. Despite this, Bitcoin and Ethereum have been able to continue their upward momentum.
Looking at the technical analysis for both cryptocurrencies, the 14-day relative strength index (RSI) is tracking at 87.92 for Bitcoin and 84.18 for Ethereum. This means that both are deep in overbought territory, and could indicate a potential drop in prices in the near future. However, the current trend of bullishness in the cryptocurrency market could be enough to push prices higher in the coming days.
Overall, Bitcoin and Ethereum have been seeing a surge in prices recently, and the release of U.S. retail sales figures could be the catalyst for a further jump. With both cryptocurrencies deep in overbought territory, investors should keep an eye on the technical analysis to get a better understanding of the market. Only time will tell if the current bullish trend can continue and lead to more gains.