Bitcoin Rises Sharply By 2.39%, Ether Rises By 7% In 1 Day: Bullish Crypto Market, See Why?

Bitcoin, the largest crypto coin, based on its market capitalization has surged sharply today. On July 14, till 6.09 pm UTC, Bitcoin was quoted at US$ 20,654.60 gaining by 2.39%. However, Bitcoin has fallen by 6.63% in the last 1 month and fallen by 4.31% in the last 5 days. Yesterday, the asset closed at US$ 20,173.30.

Similarly, Ether was quoted at US$ 1,194.07, gaining by 7.16%%. Yesterday, the asset closed at US$ 1,114.26. Litecoin was quoted at US$ 51.23, gaining sharply by 3.49%, Dogecoin was quoted at US$ 0.0624 falling by 0.50%, and Cardano was quoted at US$ 0.4413 falling by 0.87% today.

The rising CPI inflation rate at above 9% in the last month in the US is expected to push the US Fed to hike the interest rate again. Hence, the crypto market can get volatile further. "Bitcoin traders now expect the Fed to hike rates by another 75 basis points later this month, which could further impact prices. Like on Wednesday, the 14-day RSI remains below the resistance of 41.80, and this looks to be the main obstacle preventing prices from a sustained breakout. Like bitcoin, the price uncertainty is being heightened by the lack of direction in momentum, with both the 10-day and 25-day moving averages trending sideways, despite a recent, marginal crossover. In order for momentum to rise, we will likely need to see relative strength also surge, however, the RSI indicator continues to trade below its own ceiling," stated Bitcoin.com in a recent report.