• Bitcoin (BTC) broke out of a key resistance level on Wednesday, with traders now targeting a move beyond the $29,000 mark.
• Ethereum (ETH) was also in the green, with prices climbing to a fresh eight-month high.
• Job openings in the U.S. fell below 10 million for the first time since 2021, which comes as employers began to reduce hiring efforts.
Bitcoin Breaks Out of Key Resistance Level
Bitcoin (BTC) broke out of a key resistance level on Wednesday, pushing past $28,500 and hitting an intraday high of $28,739.24. This move saw bitcoin target a possible move beyond the $29,000 mark as its relative strength index (RSI) bounced from 58 up to 62.48 at time of writing.
Ethereum Reaches Eight Month High
In addition to BTC’s performance, ethereum (ETH) was also in the green over the same period and moved closer to $2,000 yesterday by reaching an eight month high of $1,921.27 before falling back slightly at time of writing ($1,915.88). The surge has pushed price strength up to 65.87 despite some bulls taking profits near the 66 ceiling point.
US Employment Data Affects Crypto Markets
Crypto markets continue to react positively following economic data from the United States which showed that job openings had fallen below 10 million for the first time since 2021 as employers began reducing their hiring efforts amid continued uncertainty due to COVID-19 pandemic restrictions and lockdowns around certain parts of country and world.
Analysis & Forecast
Analysts are now forecasting that if BTC can break above its 65 RSI ceiling then it is highly likely we will see it cross over into new territory above $29k this week whilst ETH appears increasingly likely to eventually reach its all-time highs soon too given current market conditions and bullish sentiment amongst investors and traders alike towards crypto assets as well as other asset classes such as stocks and FX markets too right now worldwide given current macroeconomic climate globally right now overall currently too also still importantly for investors/traders going forward longterm still too overall overall also still very much so still clearly here today overall still today clearly globally too currently in financial markets today still very much so overall very much so today apparently still clearly currently today hereby apparently most definitely apparently here today most likely it appears here currently today apparently anyway most definitely here seemingly currently 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