Bitcoin briefly hit a high above $48,000 on Tuesday, as prices of the world’s largest cryptocurrency rose for an eighth straight day. ETH traded higher in the session with its prices close to their highest level since January 5.
Bitcoin
Bitcoin reached the $48,000 level today, as the world’s largest cryptocurrency climbed higher for an eighth consecutive session.
On Tuesday, BTC/USD rose to an intraday high of $48,086.84, as prices rose to their highest point since New Year’s Eve.
Today’s move comes as bitcoin has sustained its upward momentum since breaking out of the then ceiling of $42,500 on March 22.
Now on the cusp of yet another resistance at $48,200, BTC’s recent streak will likely be tested, as bears will look to short at this point.
The chart shows that history has shown us previous bearish runs at these points, like January 2. Prices currently being overbought could also explain why there might be a reversal.
The bulls are unlikely to give in without fighting, but longer-term investors can see an opportunity to make a move toward $50,000.
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Ethereum
Prices of bitcoin and ethereum rose on Tuesday as well as BTC. The global crypto market cap grew by nearly 2% at the time of writing.
ETH/USD climbed to an intraday high of $3,470.19 during today’s session, which is its highest level since January 6.
Today’s move now means that ethereum’s price has risen for 13 of the last 15 days, gaining close to 20% in value within that period.
Today’s rally saw ETH break through its resistance at $3,380 after a two-day breakout above the $3,170 mark.
The price pressure continues to rise, as the 14-day RSI is now at 74.39. This is a multimonth record.
While some may continue to expect a reverse, momentum from the moving averages is not slowing. This could allow for further gains.
Is it possible that the $3,500 mark could be reached as soon as today? Please leave your comments.
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