Bitcoin sustained its position near a 60-day apex this Tuesday, as the financial markets assimilated new data on retail sales from the United States. The sales, which constitute approximately two-thirds of the American economy, increased by 0.7% for the month of September, surpassing expectations by 0.4%. Concurrently, Ethereum’s price momentarily surpassed the $1,600 threshold.
On Tuesday, Bitcoin maintained its trade levels above the $28,000 mark, buoyed by a stronger-than-anticipated rise in U.S. retail sales data.
Although it retreated from a high of $30,000 on Monday, the BTC/USD pair was traded at above $28,600 in the day’s session.
While the growth has moderated, the cryptocurrency is still notably higher compared to the prior day’s low, which was recorded at $27,855.21.
BTC/USD – Daily Price Chart
In a broader context, the currency’s current upward trajectory signifies that Bitcoin is trading at its highest valuation since August 18. This rise was catalyzed by the Relative Strength Index (RSI) breaking through a significant resistance point.
In the previous session, the index escalated past a resistance level of 63.00, reaching highs above the 65.00 figure.
While the price strength has since pulled back, it remains slightly above the previously mentioned resistance level.
Ethereum (ETH) exhibited a decline in today’s market activities, following its short-lived trading above the $1,600 benchmark, which was the first instance in nearly ten days.
The ETH/USD pair hit an apex at $1,628.16 at the outset of the week, fueled by a tweet from Cointelegraph asserting that Blackrock’s spot Bitcoin ETF had received approval.
After these allegations were subsequently refuted, the digital currency experienced a decline, dropping to an earlier day low of $1,570.89.
ETH/USD – Daily Price Chart
As a consequence of this Tuesday’s downturn, the bears have ended a four-day winning streak and may potentially aim for a support level at $1,540.
Chart analysis indicates that the inability to breach a resistance level of 49.00 on the RSI indicator also played a role in the day’s depreciative trend.
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Frequently Asked Questions (FAQs) about Technical Analysis of Bitcoin and Ethereum
What is the main focus of this technical analysis?
The main focus of this technical analysis is to examine the recent market performance of Bitcoin and Ethereum. It delves into how U.S. retail sales data has impacted Bitcoin and explores the factors affecting Ethereum’s price.
How has Bitcoin been performing recently?
Bitcoin has been trading near a 60-day high, particularly buoyed by stronger-than-anticipated U.S. retail sales data. Despite a minor retreat from its peak of $30,000, it has maintained levels above $28,000.
What happened to Ethereum’s price?
Ethereum experienced a decline in its trading price after briefly surpassing the $1,600 mark. The dip was partially attributed to a refuted claim by Cointelegraph regarding Blackrock’s spot Bitcoin ETF receiving approval.
What are the key indicators mentioned for both cryptocurrencies?
The Relative Strength Index (RSI) is highlighted as a key indicator for Bitcoin, breaking a significant resistance point at 63.00. For Ethereum, the text points out a failure to breach a resistance level of 49.00 on the RSI as a contributing factor to its decline.
Who is the target audience for this technical analysis?
The technical analysis is intended for individuals who are interested in the cryptocurrency market, including investors, traders, and financial analysts.
How can one receive weekly updates on cryptocurrency price analysis?
To receive weekly updates on price analysis, readers are invited to register their email at the end of the article under the “Weekly Technical Analysis Summary” section.
The tags associated with this text are Bitcoin, Ethereum, U.S. Retail Sales, Technical Analysis, and Market Performance.
More about Technical Analysis of Bitcoin and Ethereum
- U.S. Retail Sales Data
- Bitcoin Price History
- Ethereum Price History
- Relative Strength Index (RSI) Explained
- Cointelegraph’s Tweet on Blackrock’s Spot Bitcoin ETF
- Weekly Technical Analysis Subscription