Bitcoin and Ethereum Rise After US Inflation Data

The headline confirms Bitcoin's rally following the US inflation data, but the impact may remain limited in the short term. With the RSI approaching overbought territory at 71, further upward movement could become challenging. Although the MACD is positive and above the signal line, and the price remains above the 20- and 50-day moving averages, supporting the uptrend, the overbought signal and the 2.35% gain in the last 24 hours increase the likelihood of a short-term pullback or sideways movement. Therefore, caution is more appropriate than establishing a clear direction.

The RSI is in overbought territory above 80, increasing the likelihood of a short-term correction or profit-taking. The price is trading well above the 20- and 50-day moving averages, indicating a rapid rally and potential technical pullback. Although the MACD line remains above the signal line, overbought conditions and a 5.4% gain in the last 24 hours suggest momentum may weaken in the near term. While the news is positive, technical indicators point to an overheated market, so a bearish move could be expected in the short term.

Despite the rally in Bitcoin and Ethereum, the impact on GOOGL stock may be limited as the company is not directly tied to cryptocurrencies. Technical indicators are sending mixed signals: the RSI at 51.8 is in neutral territory, while the MACD is below zero but above its signal line, suggesting weak bullish momentum. The price is trading above the 20-day SMA but below the 50-day SMA, indicating short-term uncertainty. The 1.15% decline over the past 24 hours reveals continued selling pressure, though not excessive. Therefore, the short-term direction is unclear, and a sideways trend can be expected.