On Thursday, as markets anticipated today's retail sales report in the United States, bitcoin came close to reaching a two-week high. August sales growth is predicted to be 0.2%, down from 0.7% growth in July. Ethereum continued to rise, breaking through a crucial support level earlier in the day.
Bitcoin
In advance of the upcoming U.S. retail sales report, Bitcoin maintained its positive trend for a second session in a row. Because of the increase in inflation last month, consumer expenditure is anticipated to decline less.
BTC/USD rose to a high of $26,529.50 earlier in today's session, climbing from a low of $26,084.80 on Wednesday.
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| BTC/USD - Daily Chart |
On the chart, the increase coincides with the relative strength index (RSI) breaking through a ceiling at 45.00.
Price strength is currently tracking at 49.04, which is just below a ceiling at the 53.00 level.
There is a significant likelihood that bitcoin will surpass $27,000 in the upcoming days should it move past this point.
Ethereum
The price of ethereum (ETH), which had recently served as support, was also higher on Thursday.
Less than 24 hours after trading at a low of $1,593.11 in today's session, ETH/USD achieved a high of $1,635.82.
The move caused the second-largest cryptocurrency in the world to rise above a significant price floor at $1,620.
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| USD/ETH - Daily Chart |
Similar to BTC, the RSI passed a ceiling of its own at the 40.00 level and is now at 44.00 during today's rally.
The likelihood of an upward cross has grown as a result of the most recent comeback, and should it occur, ETH will be drifting closer to $1,700.
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