Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Gains Following US Inflation Report

Bitcoin traded above $22,000 on February 15 as markets continue to react to the latest US inflation report. The consumer price index in January rose by 0.5% after rising by 0.1% a month earlier. In general, the annual inflation rate was 6.4%, which, although lower than the December amount of 6.5%, is higher than the expected 6.2%. Ethereum also rose on the day of the hump.


Bitcoin (BTC) remained above $22,000 on Wednesday as traders continued to digest the latest US inflation report.

After a low of $21,632.39 on Tuesday BTC/USD rose to an intraday high of $22,293.14 earlier today.

Today’s move pushes the world’s largest cryptocurrency back to the key $22,500 resistance level.

BTC/USD – daily chart

Looking at the chart, you can see that the 14-day Relative Strength Index (RSI) is also approaching its own ceiling of 60.00.

At the time of writing, price strength is currently at 51.96, its strongest reading in the past seven days.

If this momentum continues, there is a strong possibility that BTC could not only break through the $22,500 mark, but also collide with the $23,000 mark.


Ethereum (Ethereum) was also in the green in today’s session as prices broke through the recent resistance point.

Ethereum/USD peaked at $1,562.03 earlier in the day, less than 24 hours after trading at the $1,501.80 bottom.

The move saw Ethereum briefly break the $1,550 price ceiling after bouncing off the $1,505 low.

Ethereum/USD – daily chart

Previous achievements have somewhat decreased, Ethereum is now trading at $1,557.25, slightly above the aforementioned ceiling.

At the time of writing, the RSI is hovering at 49.86, below its own ceiling of 50.00.

For Ethereum bulls to return to the $1,600 mark, this ceiling will first need to be broken.

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Do you expect further price growth after the release of the inflation report? Leave your thoughts in the comments below.

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