BTC Moves Above $28,500 As ETH Approaches $2,000 – Market Updates Bitcoin News
Bitcoin broke out of a $28,500 resistance level on April 5, as crypto markets continued to react to economic data from the United States. The number of U.S. job vacancies fell below 10 million for the first time since 2021, which comes as employers began to reduce hiring efforts. Ethereum moved closer to $2,000, hitting a new eight-month high today.
Bitcoin
Bitcoin (BTC) broke out of a key resistance level on Wednesday, with traders now targeting a move beyond the $29,000 mark.
After a low of $27,979.75 on Tuesday, BTC/USD moved to an intraday high of $28,739.24 earlier in today’s session.
The move saw bitcoin climb above a recent ceiling of $28,500, hitting a four-day high in the process.
Overall, the move appears to have occurred as the Relative Strength Index (RSI) bounced off a recent floor of 58.
At the time of writing, the index is tracking at 62.48, with the next visible ceiling of 65.00 a possible target for bulls.
There is a strong possibility that BTC will be above $29,000 if and when this resistance point is hit.
Ethereum
In addition to BTC, ethereum (ETH) was also in the green, with prices climbing to a new eight-month high.
ETH/USD moved to a high of $1,921.27 earlier in the day, which comes the day after trading at a low of $1,855.37.
As a result of this rally, ethereum returned to its strongest point since August 17, when the price peaked at $1,957.
This latest increase has pushed price strength to a current reading of 65.87, which is marginally below a ceiling of 66.00.
Because of this, some previous bulls have moved to take profits, causing ETH to fall from today’s highs.
At the time of writing, Ethereum is trading at $1,915.88.
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What is behind today’s rise in ethereum? Leave your thoughts in the comments below.
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