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by Eliman Dambell
Bitcoin raced to a fresh multi-week high on Wednesday, as markets turned their attention to tomorrow’s U.S. inflation rate report. Thursday’s report is expected to show that consumer prices have fallen to 6.5%, down from 7.1% the month prior. Ethereum also rose marginally higher in the day.
Bitcoin (BTC) rallied above a key resistance level on Wednesday, ahead of tomorrow’s U.S. inflation report.
Following a low of $17,226.64 on Tuesday, BTC/USD raced to a peak of $17,493.32 earlier in today’s session.
As a result of the move, the world’s largest cryptocurrency climbed to its strongest point since December 15.
Looking at the chart, today’s price surge came as the 14-day relative strength index (RSI) broke out of a resistance point at the 60.00 mark.
Currently, the index is tracking at 63.80. This comes as BTC continues to hover around its own ceiling at the $17,400 mark.
In order to move closer to the $18,000 zone, the RSI will first need to move beyond a ceiling of 64.00 on the RSI.
Ethereum (ETH) was also marginally higher in today’s session, with prices continuing to trade below a long-term ceiling
ETH/USD hit a high of $1,342.76 earlier in the day, less than 24 hours after trading at a low of $1,324.97.
Overall, ethereum remains below a resistance point of $1,350, with many expecting prices to move after the release of U.S. inflation figures tomorrow.
As can be seen from the chart, the consolidation below this price ceiling comes as the RSI continues to trade under a hurdle of its own.
Price strength is now tracking at the 68.73 level, which is under a point of resistance at the 70.00 mark.
ETH bulls are likely still targeting a move beyond $1,400, however, in order for this to happen, the RSI level of 70.00 must first be overcome.
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Will cryptocurrency prices surge following the release of inflation figures? Leave your thoughts in the comments below.
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.

Image Credits: Shutterstock, Pixabay, Wiki Commons
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