Bitcoin broke through the $28,500 resistance level on April 5 as crypto markets continued to react to economic data from the US. The number of jobs in the U.S. fell below 10 million for the first time since 2021, as employers began to reduce hiring activity. Ethereum hit a fresh 8-month high today, approaching $2,000.
Bitcoin
Bitcoin (BTC) broke through a key resistance level on Wednesday and traders are now targeting a move above $29,000.
Following a low of $27,979.75 on Tuesday,. BTC/USD moved to an intraday high of $28,739.24 earlier today’s session.
The move took bitcoin above its recent ceiling of $28,500, hitting a four-day high in the process.
Overall, the move appears to have occurred at a point when the Relative Strength Index (RSI) bounced back from its recent bottom at 58.
As of this writing, the index is hovering at 62.48, and the next visible ceiling at 65.00 could be the bullish target.
Likely BTCwill cross $29,000 if this resistance point is hit.
Ethereum
in addition to. BTCis also in the green for Ethereum (ETH), with prices rising to an eight-month high.
ETH/USD moved to a high of $1,921.27 during the day after trading as low as $1,855.37.
As a result, Ethereum regained its strength since its August 17 peak of $1,957.
This recent surge has pushed price strength to the current reading of 65.87, just below the 66.00 ceiling.
This has led to a profit-taking move by the earlier bulls,and a drop from the ETH
At the time of this writing, Ethereum is trading at $1,915.88.
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