BTC, ETH both hit fresh 1-month highs as bullish pressure mounts – Market Updates Bitcoin News
Bitcoin prices rallied on the hump day, as the token climbed towards the $24,000 level in today’s trading session. The move came as bullish pressure intensified, following several days of recent gains. Ethereum also held higher, once again climbing above $1,600.
Bitcoin
Bitcoin (BTC) extended its recent gains on Wednesday, as prices rallied towards the $24,000 level in today’s session.
The world’s largest cryptocurrency rose to an intraday high of $23,759.76 on the hump day, its highest point since June 13.
Wednesday’s fresh five-week high comes as price strength increased, breaking out of a key resistance level in the process.
Looking at the chart, this ceiling of 14-day RSI of 56.7 was breached in the last 24 hours, leading to an influx of new bulls.
This move also comes as the 10-day and 25-day moving averages finally crossed, with both measures of momentum moving in an uptrend.
At the time of writing, the RSI is following at 62, which historically has been a resistance point, and should this history repeat itself, we can see today’s gains begin to ease.
Ethereum
As of yesterday, ethereum (ETH) once again traded above $1,600 as bullish sentiment remained in the token.
After a low of $1,517.16 in Tuesday’s session, ETH/USD rose to a hump day high of $1,602.13.
Today’s peak saw the token trade at its highest point since June 11, and comes as bulls now look to push prices closer to $2,000.
This could be challenging, as price strength currently looks overbought, with the 14-day RSI tracking at 68.35.
Overall, this is the highest reading for the index since April 4, and unless this ceiling is breached, the move towards $2,000 will be on hold for now.
A key resistance at $1,645 is on the horizon and if prices fail to move beyond this point, bears may look to re-enter.
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