BTC Approaches $25,000 As ETH Hits $1,700 – Market Updates Bitcoin News
Bitcoin moved significantly higher on February 16, as the world’s largest cryptocurrency hit its strongest point since last August. Prices approached the $25,000 mark earlier in the day, following a breakout of a key resistance level. Several factors have contributed to the recovery, including strong US retail sales, and an easing of regulatory concerns.
Bitcoin
Bitcoin (BTC) rallied to a multi-month high on Thursday as prices moved closer to the long-sought $25,000 mark.
After a low of $22,664.48 on Wednesday, BTC/USD rose to an intraday high of $24,769.24 earlier today.
Today’s move pushes the world’s largest cryptocurrency above a ceiling of $24,200, hitting its strongest point since August 20 in the process.
Looking at the chart, the 14-day relative strength index (RSI) also moved past a separate ceiling of 65.00
At the time of writing, the price strength is at 69.36, which is the strongest point in almost two weeks.
The next visible point of resistance appears to be at the 75.00 mark, and should bulls make a run for this level, BTC will likely move well past $25,000.
Ethereum
In addition to BTC, ethereum (ETH) also made significant gains today, with prices rising as high as $1,700.
ETH/USD hit a high of $1,700.85 earlier in the day, which comes less than 24 hours after trading at a low of $1,572.99.
As a result of this move, ethereum climbed to a two-week high, after a move beyond a ceiling of $1,675.
Since this peak, previous gains have pared somewhat, as the RSI has collided with a barrier at the 63.00 level.
At the time of writing, the price strength hovers at 61.61, which is marginally below the aforementioned ceiling.
Should this wall break, bulls could attempt to make further runs deeper into the $1,700 region.
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What do you think is behind Thursday’s price increase? Leave your thoughts in the comments below.
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