Bitcoin price took the day off the hump, with the coin climbing to the $24,000 level in today’s trading session. The move was taken as bullish pressure intensified, after several days of recent gains. Ethereum also remained higher, climbing above $1,600 once again.
Bitcoin
Bitcoin (BTC) extended its recent gains on Wednesday as the price surged above the $24,000 level in today’s session.
The world’s largest cryptocurrency hit an intraday peak of $23,759.76 on the hump, its highest point since June 13.
Wednesday’s fresh five-week high comes as prices surge, breaking a key resistance level in the process.
Looking at the chart, this sealing was broken at the 14-day RSI of 56.7 in the last 24 hours, triggering an influx of new bulls.
The move is crossed at the end of the 10-day and 25-day moving averages, with both gauges of momentum moving in an uptrend.
As of writing, the RSI is tracking 62, which has historically been a resistance point, and if this history repeats, we could see that today’s gains have started to decline.
Ethereum
As of yesterday, Ethereum (ETH) was once again trading above $1,600 as the coin remained bullish.
After hitting 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 coin trade at its highest point since June 11, and now the bulls are ready to push the price closer to $2,000.
This could be challenging, as price strength is currently looking as if it is overbought, with the 14-day RSI tracking at 68.35.
Overall, this is the highest reading for the index since April 4, and the move towards $2,000 will be halted for the time being until this threshold is broken.
A key resistance at $1,645 is on the horizon, and if the price fails to move beyond this point, the bears could re-enter.
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