BTC was once again trading higher, as bullish momentum extended during today’s market session. Bitcoin reached its 11-day high, surpassing resistance at $42,500. ETH also rose, reaching a ten day high.
Bitcoin
BTC climbed higher for a fourth consecutive day, pushing the world’s largest cryptocurrency past a key resistance level earlier today.
After a bottom of $40,961.10 during Wednesday’s session, BTC/USD raced to an intraday peak of $42,709.75 earlier in the day.
This marks the most bitcoin reached since April 10, 2010. However, prices dropped to $40,000 on this occasion.
Momentum seems bullish as of this writing. As the 10-day moving mean is now facing upward, it usually indicates an upcoming price surge.
If such a surge were to occur, the target for bulls will likely be the $44,800 ceiling, which hasn’t been hit since April 6.
The price strength also broke through the ceiling at 50.35 and appears to be trying again to reach 55. If it happens, this could make the price rise up to $44,800.
Ethereum
ETH also reached its fourth consecutive high. Prices today have also moved past a long term resistance level.
Prices fell to $3,045.29 yesterday after a false breach of the $3150 ceiling.
This breakout was sustained on Thursday, when ETH/USD climbed to $3,166.33.
Today’s peak is the highest ETH has traded at since April 11, and comes as the 14-day RSI has also risen to a high of its own of 12 days.
The price strength currently stands at 52.85. With the ceiling of 55.15 clearly being the next target for current ETH bulls, it is clear that the 55.15 ceiling will be the next level of interest.
Yesterday, we stated that ETH would likely hover around $3,300 if this ceiling is breached. Others may even aim for the $3,000.
Is there a reason for the recent bullish sentiment on crypto markets? Please leave your comments.
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