Bitcoin prices surged on hump day, as the token climbed towards the $24,000 level in today’s trading session. After several days’ worth of gains, bullish pressure increased. Ethereum also rose higher, climbing once more above $1600.
Bitcoin
Bitcoin (BTC) extended its recent gains on Wednesday, as prices rose towards the $24,000 level in today’s session.
The world’s largest cryptocurrency surged to an intraday peak of $23,759.76 on hump day, which is its highest point since June 13.
Wednesday’s fresh five-week high comes as price strength increased, breaking out of a key resistance level in the process.
The chart shows that the ceiling of the 14-day RSI at 56.7 has been broken within the past 24 hours. This led to an influx bulls.
The 10-day and 25 day moving averages have crossed the line, with both indicators of momentum moving up.
As of writing, the RSI is tracking at 62, which has historically been a resistance point, and should this history repeat, we may see today’s gains begin to ease.
Ethereum
Yesterday, ethereum was trading at $1,600. This is because bullish sentiment persisted in the token.
Following a low of $1,517.16 in Tuesday’s session, ETH/USD rose to a high of $1,602.13 on hump day.
Today’s peak saw the token trade at its highest point since June 11, and comes as bulls now look set to push prices closer towards $2,000.
It may prove difficult, since price strength appears to be overbought at the moment, with the 14 day RSI tracking at 68.35.
The index is at its highest level since April 4th. If the ceiling isn’t broken, $2,000 is on the horizon.
The key resistance at $1,645 appears to be on the horizon. Should prices not move beyond this level, bears may look to reenter.
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Credits for the imageShutterstock. Pixabay. Wiki Commons
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