BTC Hits Highest Level Since September – Bitcoin News Market Updates

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Bitcoin hit its highest level since September as markets braced for the release of US retail sales data. This afternoon’s economic release is expected to show slowing sales as consumers brace for a recession. Ethereum also rose on the news, as it continued to hover near $1,600.

Bitcoin

Bitcoin (BTC) broke through a key resistance level at $21,400 during today’s session, hitting a new multi-month high in the process.

After a low of $21,120.16, BTC/USD hit a high of $21,438.66 in the early hours of Wednesday’s session.

This price surge has seen the world’s largest cryptocurrency surge to its strongest point since September 13.

BTC/USD – Daily Chart

The move comes as markets brace for the release of US 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) standing at 87.92.

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

Ethereum

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

ETH/USD hit a high of $1,594.00 on the day of the bump, less than 24 hours after falling to $1,562.06.

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

ETH/USD – Daily Chart

At the time of writing, the 14-day RSI sits 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 was followed by a significant price decline.

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

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Will Strong Retail Sales Data Help Drive Crypto Prices Further? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.

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