Bitcoin surpassed the $26,000 mark on Wednesday,

anticipating the forthcoming inflation report in the United States. Expectations for August’s consumer prices stand at 3.6%, an increase from the previous month’s 0.4%. Conversely, core inflation is predicted to decrease to 4.3% from July’s 4.7%. Ethereum also regained ground, climbing back above $1,600.

Bitcoin

In today’s session, Bitcoin once again traded above $26,000 as investors braced for the imminent US inflation report.

After hitting a low of $25,781.12 on Tuesday, BTC/USD surged to an intraday high of $26,451.94 earlier in the day.

The rally coincides with Bitcoin’s move away from a recent three-month low.

Bitcoin’s chart depicts a surge in price as the 14-day relative strength index (RSI) surpassed the 44.00 level.

Currently, the RSI stands at 47.23, with the next resistance level visible at the 50.00 mark. If breached, BTC may approach $27,000.

Ethereum

Ethereum (ETH) rebounded from Tuesday’s six-month low, reclaiming the $1,600 threshold.

ETH/USD reached a peak of $1,616.54 in today’s session, following a low of $1,582.22 less than 24 hours earlier.

The price recovery propelled the RSI out of oversold territory, settling just below a critical resistance level.

Presently, the resistance lies at 40.00, with the price strength index at 39.40. A breakthrough could lead to a push beyond the $1,620 support level.

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