The cryptocurrency market was trading near recent highs, with bitcoin hovering near $25,000 on February 20. The market started the week partially in the green ahead of a week of important economic data. The U.S. FOMC (Federal Open Market Committee) will release its latest minutes on Wednesday and U.S. Gross Domestic Product data will be released on Thursday. Ethereum is still trading above $1700 today.
Bitcoin
Bitcoin (BTC) remained near the $25,000 level for the week as market sentiment shifted bullish. After hitting a high of $25,093.06 on
BTC/USD is currently trading at $24,909.03 at the time of writing.
Monday’s move makes it look like prices bounced from a recent support point at $24,200 and are now heading toward the upper $1,000 distance.
BTC
Overall, the trigger for this surge appears to be the 10-day (red) moving average. This moving average crossed the 25-day (blue) moving average over the weekend, a move known as a “death cross.”
In addition to this, the Relative Strength Index (RSI) has once again crossed the 64.00 resistance point.
At the time of this writing, the index is currently hovering at 65.88, just below the hurdle of 66.00, which may be the reason whyBTC has fallen from its previous highs.
Ethereum
Ethereum (ETH) has traded nearly as high in the past 24 hours, with prices hovering above $1700.
ETHETH/USD fell to a low of $1,659.30 on Sunday before moving to a peak of $1,718.95 later in the day.
Like Bitcoin, prices rose as it bounced off a recent bottom – this time the $1,675 mark.
An upward crossover of the moving average has also occurred in today’s session, which is usually a sign that market momentum is changing.
If this is the case, Ethereum bulls will likely target $1,800, which has not been hit since September.
For a potential move toward this level, the RSI indicator must first cross the hurdle of 67.00.
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