BTC rises to $29,000 for the first time since last June – Market Updates Bitcoin News
Bitcoin surged above $29,000 on Thursday as the price moved to its strongest point since last June. The increase came despite some consolidation in the cryptocurrency markets, ahead of the upcoming US GDP report. Ethereum was also higher as it continued to trade above $1,800.
Bitcoin
Bitcoin (BTC) moved to its highest point in nine months, despite cryptocurrencies largely consolidating ahead of the upcoming US GDP report.
After a low of $28,155.83 on Wednesday, BTC/USD rallied to an intraday high of $29,159.90 earlier in the session.
As a result of this price increase, bitcoin climbed above the $29,000 level for the first time since June 10.
Looking at the chart, the move came as BTC briefly broke out of resistance at $28,500, with the Relative Strength Index (RSI) moving past a similar threshold.
At the time of writing, the index is following the 65.27 level, which is marginally above the ceiling of 65.00.
Overall, BTC bulls have moved to secure some of their earlier gains, with the price now trading at $28,582.20.
Ethereum
Ethereum (ETH) continued to trade above $1,800 on Thursday, but sentiment changed after it failed to sustain a breakout at a key point.
ETH/USD rose to a high of $1,827.28 on Thursday, which comes less than 24 hours after the price hit a low of $1,776.64.
Although moving marginally above the aforementioned $1,825 ceiling, Ethereum bulls failed to sustain an upward momentum.
At the time of writing, ETH is trading at $1,800.78, which coincides with the RSI hovering around the recent resistance level of 58.00.
The index is currently tracking at 58.25, with a move below the 58.00 level almost certain to trigger further declines.
Momentum also appears to be waning, with the 10-day (red) moving average approaching a bearish crossover.
Register your email here to get weekly price analysis updates delivered to your inbox:
Could we see ethereum rally before the end of the week? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
