BTC, ETH Hit 6-Week Highs as Dollar Loses Steam – Market Updates Bitcoin News

Bitcoin reached its highest point in six weeks, while the U.S. Dollar continued to fall against several G7 currencies. This latest drop in USD is due to lower consumer confidence than was expected for October. Ethereum was also trading at a multi-week high in today’s session

Bitcoin

Bitcoin (BTC) was back above $20,000 during today’s session, as crypto bulls pushed prices to a multi-week high while the U.S. dollar lost strength.

Yesterday’s low of $19 2,278.74 saw BTC/USD reach an intraday high at $20,702.72. Wednesday marked a turnaround.

Today’s move sees the world’s largest cryptocurrency hit its strongest point since September 13, when prices were close to $23,000.

Looking at the chart, Wednesday’s surge comes as bullish pressure was finally able to intensify, moving beyond the resistance of $19,600 in the process.

On its current reading of 63.75, the 14-day relative strength indicator (RSI), also moved higher. It broke through a ceiling at 53.00 and reached a new high of 63.75.

This marks the highest index point since March, when it was trading for more than $40,000.

Ethereum

Ethereum (ETH), which rose above $1,500 on Wednesday, also saw significant gains.

ETH/USD surged by as much as 15% earlier in today’s session, hitting a peak of $1,542.35 in the process.

As seen with BTC above, today’s rally saw ethereum rise to its highest level since mid-September.

Following today’s rise in price, the RSI moved to a high of 69.29, which is the most it has tracked at since August.

Also, the moving averages for 10-day and 25 day (red) have maintained their upward momentum. This may indicate that there are further short-term gains.

Should today’s momentum continue, we could see bulls attempt to hit a ceiling of $1,650.

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What if ethereum reaches $2,000 in November, according to some estimates? Comment below to share your views.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and an educator in retail trading. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.