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First Mover Asia: Crypto Prices Rise on Better-Than-Expected U.S. Inflation News

source-logo  coindesk.com 13 January 2022 03:00, UTC

Prices

Bitcoin (BTC): $43,907 +2.5%

Ether (ETH): $3,369 +3.7%

Markets

S&P 500: $4,726 +0.2%

DJIA: $36,290 +0.1%

Nasdaq: $15,188 +0.2%

Gold: $1,826 0.2%

Market moves

Bitcoin (BTC) buyers held support around $40,000 as oversold signals appeared on the charts.

The recent bounce suggests the cryptocurrency is starting to recover after a near-30% decline from its all-time high around $69,000 in November.

The relative strength index (RSI) on the four-hour chart is approaching overbought levels, similar to what occurred in late December, which preceded a brief pullback. The RSI on the daily chart, however, continues to rise from oversold levels, which means buyers could remain active on price dips.

Still, given the short-term downtrend, upside appears limited toward the $45,000-$48,000 resistance zone. And on weekly and monthly charts, momentum signals remain negative, which means price rises could be limited for now.

coindesk.com