BTC Edges Closer to $22,000 Ahead of US Inflation Report – Market Updates Bitcoin News


Bitcoin rebounded in Tuesday’s session, as markets prepared for this afternoon’s U.S. inflation report. It is expected that the annual rate of inflation in the United States dropped to 6.2% in January, down 0.3% from the month prior. Ethereum also rallied, climbing back above $1,500.


Bitcoin (BTC) rebounded from recent losses in today’s session, as prices moved closer to the $22,000 level.

BTC/USD hit an intraday high of $21,849.01 earlier in the day, which comes after falling to a low of $21,460.09 on Monday.

Today’s action saw bitcoin snap a two-day losing streak, and comes as prices rejected a full breakout of a floor at $21,500.

Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to $22,000 Ahead of US Inflation Report
BTC/USD – Daily Chart

Looking at the chart, the 14-day relative strength index (RSI) also rejected a break of its own, with the index remaining above its support at 44.00.

As of writing, price strength is at a reading of 47.86, with a resistance of 50.00 nearby.

In order for BTC bulls to take price above the $22,000 mark, this point of resistance will need to be broken.


Etheruem (ETH) climbed back above $1,500 on…

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