Bitcoin held near a two-month high on Tuesday as markets digested the latest US retail sales figures. Sales, which represent two-thirds of the US economy, rose 0.7% in September, 0.4% more than expected. Ethereum briefly rose above $1,600.
Bitcoin continued to trade above $28,000 on Tuesday following a better-than-expected increase in US retail sales.
Despite falling from a high of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.
Although gains have slowed, they are still considerably above yesterday’s low at the $27,855.21 level.
Overall, the recent uptrend means that Bitcoin is trading at its highest rate since August 18, which comes after the Relative Strength Index (RSI) broke through a key resistance level.
The index surpassed the 63.00 ceiling in yesterday’s session, reaching a peak above the 65.00 mark.
Since then, price strength has receded, although it is still slightly above the aforementioned resistance point.
Ethereum (ETH) fell in today’s session after briefly trading above the $1,600 mark for the first time in nearly ten days.
ETH/USD hit a high of $1,628.16 earlier in the week following a tweet from Cointelegraph suggesting that Blackrock’s spot bitcoin ETF was approved.
After these claims were proven incorrect, the cryptocurrency crashed, falling to a low of $1,570.89 today.
As a result of Tuesday’s decline, bears went on a four-day winning streak and could now reach a low of $1,540.
It is clear from the chart that the failure to surpass the 49.00 ceiling on the RSI indicator also contributed to today’s decline.