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.
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…