BTC Hits Highest Point Since September – Market Updates…

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Bitcoin rose to its highest level since September, as markets prepared for the release of U.S. retail sales data. This afternoon’s economic release is expected to show a cooling off of sales, as consumers prepare for a recession. Ethereum also rose on the news, as it continued to hover close to $1,600.

Bitcoin

Bitcoin (BTC) rose above a key resistance level at $21,400 in today’s session, hitting a fresh multi-month high in the process.

Following a low of $21,120.16, BTC/USD raced to a peak of $21,438.66 in the early hours of Wednesday’s session.

This surge in price saw the world’s largest cryptocurrency climb to its strongest point since September 13.

btcusd 2023 01 18 12 59 30 7ed2b
btc/usd – daily chart

The move comes as markets prepare for the release of U.S. retail sales figures, which are expected to decline to -0.8%, from -0.6%.

From the chart, price strength continues to hover in overbought territory, with the 14-day relative strength index (RSI) tracking at 87.92.

The next visible point of resistance is at the 90.00 mark, which could pose a challenge for longer-term bulls.

Ethereum

Ethereum (ETH) also moved marginally higher on Wednesday, as it continued to trade near a ceiling of $1,600.

ETH/USD jumped to a high of $1,594.00 on hump day, less than 24-hours after falling to a bottom of $1,562.06.

Today’s gain in price now means that ethereum has climbed higher for ten of the last eleven sessions.

ethusd 2023 01 18 13 04 52 8c30d
eth/usd – daily chart

As of writing, the 14-day RSI is tracking at 84.18, which like bitcoin, is deep in overbought territory.

Looking at the chart, the last time ETH traded at this point in early November, it was followed by a significant drop in price.

Many technical traders will likely pay attention to this, and a fear of history repeating itself could lead to many liquidating current positions.

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Will strong retail sales data help boost crypto prices further? Leave your thoughts in the comments below.

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Eliman Dambell

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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