Bitcoin prices surged on hump day, rising toward the $24,000 level during today’s trading session. This move was due to bullish pressure following the gains of the past few days. Ethereum also maintained its highs, once again exceeding the $1,600 level.
Bitcoin
Bitcoin (BTC) extended its recent gains on Wednesday, with prices rising toward the $24,000 level in today’s session.
The world’s largest cryptocurrency soared to an intraday peak of $23,759.76 on Hump Day, its highest point since June 13.
Wednesday’s five-week high came as prices strengthened and broke through key resistance levels in the process.
The chart shows that the 14-day RSI ceiling of 56.7 has been broken in the past 24 hours, inviting an influx of new bulls.
This move also means that the 10-day and 25-day moving averages have finally crossed, and both momentum gauges are moving into an uptrend.
The RSI is hovering at 62, a historic resistance point that may begin to moderate today’s rally if this history is repeated.
Ethereum
Similar to yesterday, Ethereum (ETH) is again trading above $1600 as bullish sentiment remains on the token.
After hitting a low of $1,517.16 in Tuesday’s session,ETHETH/USD rose to a high of $1,602.13 on hump day.
Today’s peak traded at its highest since June 11, meaning bulls are looking to push prices toward $2,000.
This could be difficult as the 14-day RSI is at 68.35 and price strength now looks overbought.
Overall, this indicator is at its highest since April 4, and unless this ceiling is broken, a move toward $2,000 will be on hold for now.
A key resistance at $1,645 lies ahead, and if price fails to cross this point, the bears could re-enter.
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