BTC Approaches $31,000, As ETH Hits 11-Month High – Market Updates Bitcoin News
Bitcoin moved towards the $31,000 mark on Friday, ahead of upcoming US retail sales data. Sales are expected to remain flat, while overall consumer sentiment is projected to rise to 62.7, from a reading of 62.0. Ethereum extended recent gains, hitting an eleven-month high in the process.
Bitcoin
Bitcoin (BTC) was back in the green on Friday, as traders pushed the price close to the $31,000 mark.
BTC/USD rallied to a high of $30,848.46 earlier in today’s session, a day after trading at a low of $30,160.59.
The move has resulted in bitcoin hitting its strongest since June 7, when it peaked at $31,549.
Overall, this recent increase in momentum has sent the Relative Strength Index (RSI) deep into overbought territory.
At the time of writing, the index is trailing at 72.18, which is marginally higher than a peak of 72.
Should the index move above a reading of 73.00, it is very likely that BTC will trade above $31,000.
Ethereum
Ethereum (ETH) continued to climb higher, following the recent Shapella update, with price rising above $2,100.
After a low of $1,987.05 on Thursday, ETH/USD moved to a high of $2,126.32 earlier in today’s session.
As a result of today’s price increase, the world’s second largest cryptocurrency reached its highest level since May of last year.
The latest rally took place when bulls broke out of a key resistance level at $2,030, with the RSI crossing a separate barrier at the 72.00 mark.
Like BTC, ETH’s RSI is also overbought, with the index at 75.29 at the time of writing.
A higher ceiling of 80.00 now awaits current bulls in the market.
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