Bitcoin surged above $30,000 on April 11 as bullish sentiment returned to cryptocurrency markets. Markets surged after data in China showed consumer prices hit an 18-month low. Ethereum was also higher on the news, approaching $2,000.
bitcoin (BTC) rose above $30,000 for the first time in a decade as markets reacted to the latest inflation data out of China.
Consumer prices in China rose 0.7% in March, the smallest increase since September 2021.
After bottoming out at $28,189.27 to start the week, BTC/USD hit an intraday high of $30,160.48 earlier today.
The move saw bitcoin surge to its strongest point since June 9, and comes as the 10-day moving average (red) avoided a downward cross with its 24-day counterpart (blue).
On top of that, the Relative Strength Index (RSI) moved above a key resistance point of 68.00, and is currently trailing at 71.05.
The next visible high appears to be at the 73.00 mark and therefore the bulls may begin to secure profits, slowly releasing prior positions.
Ethereum (ETH) was also back in the green on Tuesday, with prices trading above $1,900 again.
ETH/USD hit a high of $1,936.73 earlier in today’s session, less than 24 hours after trading at a low of $1,848.16.
Following Tuesday’s price surge, the world’s second-largest cryptocurrency neared its highest point since last August.
Looking at the chart, today’s move coincided with the breakout of the RSI ceiling at 61.00.
At the time of writing, price strength stands at 64.04, with a next point of resistance at 65.00.
Should ETH go beyond this point, there is a good chance that ETH will rally above $2,000.
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Will Ethereum rise to $2,000 this week? Leave your thoughts in the comments below.
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