Bitcoin (BTC) is maintaining its strong position, trading above $28,000, marking a consistent surge to a two-month high. This resilience in the cryptocurrency market can be largely attributed to an unexpected 0.7% increase in U.S. retail sales for the month of September. Following a brief dip from Monday’s peak of $30,000 to a low of $27,855.21 yesterday, Bitcoin rebounded impressively, crossing the $28,600 mark today. This now stands as Bitcoin’s highest trading value since August 18, an ascent that was significantly driven by surpassing a key resistance level at 63.00 on the Relative Strength Index (RSI), peaking at 65.00.
Conversely, Ethereum (ETH) underwent a notable downturn after reaching a peak of $1,628.16. A spread of misinformation concerning the approval of BlackRock’s (NYSE: BLK) spot Bitcoin ETF contributed to a decline in Ethereum’s valuation, with it reaching a low of $1,570.89 today. Struggling to break past an RSI resistance level of 49.00, Ethereum now appears to be setting its sights on a lower threshold at $1,540, thereby ending its four-day winning streak.
