Bitcoin crossed $29,000 on Thursday, moving prices to their strongest since last June. This surge occurred despite some consolidation in the cryptocurrency market ahead of the upcoming U.S. GDP report. Ethereum also rose, continuing to trade above $1,800.
Bitcoin
Bitcoin (BTC) moved to its highest point in nine months despite cryptocurrencies mostly consolidating ahead of the upcoming US GDP report.
Following Wednesday’s low of $28,155.83,BTC/USD ran up to an intraday peak of $29,159.90 before the session began.
As a result of this price surge, bitcoin hit the $29,000 level for the first time since June 10.
chart,BTCbriefly broke through the $28,500 resistance and the Relative Strength Index (RSI) passed a similar threshold.
As of this writing, the index is hovering at the 65.27 level, just above the 65.00 ceiling.
Overall,BTCbulls 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 as it failed to sustain a breakout at a key point.
ETH/USD rose to a high of $1,827.28 on Thursday, this less than 24 hours after prices were at a low of $1,776.64.
Although just above the aforementioned ceiling of $1,825, Ethereum bulls were unable to sustain the upward momentum.
At the time of writing,ETHis trading at $1,800.78, which is consistent with the RSI hovering around the recent resistance level of 58.00.
The index is currently hovering at 58.25, and a close below 58.00 would almost certainly trigger further declines.
Momentum also appears to be slowing and the 10-day (red) moving average is approaching a downward crossover.
Sign up for email here to receive weekly price analysis updates:
Image Credit:: Shutterstock, Pixabay, Wiki Commons
84}