• Bitcoin (BTC) rose to a three-week high on Jan. 9, surpassing the $17,000 mark.
• Ethereum (ETH) was also higher, surging to a multi-week high above the $1,300 level.
• This bullish momentum was attributed to traders’ anticipation of the upcoming U.S. inflation figures.

At the start of the week, Bitcoin (BTC) rose to a three-week high, climbing above the $17,000 mark. This bullish momentum came days ahead of the upcoming U.S. inflation figures, as traders continued to react to Friday’s nonfarm payrolls (NFP). As of writing, BTC/USD is trading at $17,283.72, its highest point since December 16, when price was at a high of $17,525.

Looking at BTC/USD’s daily chart, today’s high came as the 10-day (red) moving average finally crossed over its 25-day (blue) counterpart. In addition to this, the 14-day relative strength index (RSI) marginally moved past its recent resistance level at 60.00. As of writing, the index is tracking at 60.46, with the next visible ceiling at the 63.00 zone.

Ethereum (ETH) also rallied to a multiple-week high on Monday, with prices climbing above a recent ceiling at $1,300. ETH/USD raced to an intraday high of $1,324.01 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,261.95. This surge pushed ethereum to its highest point since mid-December, when the coin was above $1,350.

When looking at ETH/USD’s daily chart, an upwards crossover of moving averages has occurred here, with the RSI gaining momentum as well. Currently, the index is tracking at 66.81, which is its strongest point since October 29, when ETH was trading upwards of $1,500.

The overall market sentiment appears to be positive, as traders remain optimistic that U.S. inflation figures will be supportive of further growth. As a result, it will be interesting to see if Bitcoin and Ethereum can maintain their current momentum and continue to rise in the coming days.

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