Bitcoin rose sharply on February 16, giving the world’s largest cryptocurrency its strongest performance since last August. Price approached the $25,000 mark earlier in the day following a breakout of a key resistance level. Several factors contributed to the rally, including strong U.S. retail sales and easing regulatory concerns.
Bitcoin
Bitcoin (BTC) hit a multi-month high on Thursday, bringing prices closer to the long-coveted $25,000 mark.
After hitting a low of $22,664.48 on Wednesday,BTCrallied; BTC/USD rose to an intraday high of $24,769.24 earlier today.
Today’s move pushed the world’s largest cryptocurrency above the $24,200 ceiling, hitting its strongest point since August 20 in the process.
BTC
The chart also shows the 14-day Relative Strength Index (RSI) moving above its own ceiling at 65.00
Price strength is currently at 69.36, the strongest it has been in nearly two weeks.
The next visible resistance point appears to be at the 75.00 mark, and if the bulls make a run toward this level,BTCis likely to move well above $25,000.
Ethereum
plus. BTCplus
ETH) also rallied considerably today, reaching as high as $1,700.
ETHETH/USD hit a high of $1,700.85 earlier in the day, less than 24 hours after trading at a bottom of $1,572.99.
As a result of this move, Ethereum rose to a two-week high, following a move above the $1,675 ceiling.
After this peak, the earlier rally eased somewhat as the RSI hit a hurdle at the 63.00 level.
At this point, it is hovering at 61.61, just below the aforementioned upper limit.
If this barrier is broken, the bulls may try to push further into the $1700 area.
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