by Summary
- Bitcoin moved above $30,000 on April 11, as bullish sentiment returned to cryptocurrency markets.
- Data from China showed that consumer prices had hit an 18-month low.
- Ethereum was also higher on the news, moving closer to $2,000.
Bitcoin Price Movement
On April 11, Bitcoin (BTC) moved above $30,000 for the first time in ten months. Markets surged after data in China showed that consumer prices had hit an 18-month low. BTC/USD raced to an intraday high of $30,160.48 earlier today. This move saw bitcoin climb to its strongest point since June 9 and coincided with the 10-day (red) moving average avoiding a downward cross with its 24-day (blue) counterpart. In addition to this, the relative strength index (RSI) moved above a key resistance point of 68.00 and is currently tracking at 71.05. The next visible ceiling appears to be at the 73.00 mark which could push bitcoin further up if breached by bulls.
Ethereum Price Movement
Ethereum (ETH) was also back in the green on Tuesday with prices trading above $1,900. ETH/USD hit a peak of $1,936.73 earlier in today’s session less than 24 hours after hitting a low of $1,848.16. As a result of Tuesday’s surge in price Ethereum neared its highest point since last August and saw its RSI break out of a ceiling at the 61.00 mark with price strength sitting at 64.04 currently and an upcoming resistance point at 65.00 which could take ETH back over $2,000 if broken by bulls in coming days or weeks ahead..
Bullish Sentiment Returns
The latest inflation data from China has sparked bullish sentiment across crypto markets as consumers prices rose by 0.7% in March being the slowest increase since September 2021 giving hope that bigger gains may be seen soon for Bitcoin and Ethereum alike if inflation continues to remain low and market sentiment remains positive as it is now .
