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BTC Bulls to Retarget $31,500 on US CPI Report and ETF-News
Today's day for BTC got off to a conflicted start. Investors will be alert to the US CPI Report, which will be released later today, even though news about ETFs provide support.
Bitcoin (BTC) increased by 0.81% on Tuesday. BTC finished the day at $30,714 after rising by 0.59% on Monday. However, for the fourth time in five sessions, BTC dropped short of the $31,000 handle.
Bitcoin Price Action (BTC)
BTC was down 0.36% at $30,602 this morning. BTC started the day with a mixed performance, rising to a high of $30,722 before losing ground.
Daily Graph
The lower level of the $30,750 - $31,250 resistance zone was tested by BTC/USD for the second day in a row, before it fell back.
However, BTC/USD continued to trade above the 50-day ($29,051) and 200-day ($26,432) EMAs, indicating that the long- and short-term trend is bullish.
Notably, the 50-day EMA exhibited bullish momentum and kept moving away from the 200-day EMA.
The 14-Daily RSI's reading of 59.60 indicated a bullish perspective and was in line with the 50-day and 200-day EMAs, suggesting an attempt to break through the $30,750-$31,250 resistance zone.
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