Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 6-Week Highs as Dollar Loses Steam
Bitcoin rose to its highest level in six weeks on Wednesday, as the U.S. Dollar continued to weaken versus several G7 currencies. The latest decline in USD comes as consumer confidence in the United States fell by more than expected in October. Ethereum was also trading at a multi-week high in today’s session Bitcoin Bitcoin (BTC) was back above $20,000 during today’s session, as crypto bulls pushed prices to a multi-week high while the U.S. dollar lost strength. Following a low of $19,278.74 yesterday, BTC/USD raced to an intraday high of $20,702.72 on Wednesday. Today’s move sees the world’s largest cryptocurrency hit its strongest point since September 13, when prices were close to $23,000. BTC/USD – Daily Chart Looking at the chart, Wednesday’s surge comes as bullish pressure was finally able to intensify, moving beyond the resistance of $19,600 in the process. The 14-day relative strength index (RSI) also moved higher, breaking ou...