BTC and ETH both hit new one-month highs as bullish pressure builds – Reuters


Bitcoin prices surged on the day of the bump, as the token surged towards the $24,000 level during today’s trading session. The move came as bullish pressure intensified, following several days of recent gains. Ethereum also remained higher, climbing above $1,600 again.


Bitcoin (BTC) extended its recent gains on Wednesday as prices hit the $24,000 level during today’s session.

The world’s largest cryptocurrency hit an intraday high of $23,759.76 on the day of the bump, which is its highest point since June 13.

Wednesday’s new five-week high comes as price strength has increased, breaking through a key resistance level in the process.

Bitcoin and Ethereum technical analysis: BTC and ETH both hit new 1-month highs as bullish pressure intensifies
BTC/USD – Daily Chart

Looking at the chart, this ceiling on the 14-day RSI of 56.7 has been breached in the last 24 hours, leading to an influx of new bulls.

This move also comes as the 10- and 25-day moving averages have finally crossed, with both momentum gauges moving in an uptrend.

As of this writing, the RSI sits at 62, which has always been a point of resistance, and if this story repeats itself, we could see today’s gains start to fade.


Like yesterday, Ethereum (ETH) was once again trading above $1,600 as bullish sentiment remained in the token.

After a low of $1,517.16 in Tuesday’s session, ETH/USD hit a high of $1,602.13 on the day of the bump.

Today’s spike saw token trade at its highest level since June 11, and comes as bulls now appear poised to push prices closer to $2,000.

Bitcoin and Ethereum technical analysis: BTC and ETH both hit new 1-month highs as bullish pressure intensifies
ETH/USD – Daily Chart

This may be difficult as price strength currently appears to be overbought, with the 14-day RSI trailing at 68.35.

Overall, this is the highest reading for the index since April 4, and unless that cap is broken, the move towards $2,000 will be halted for the time being.

A key resistance of $1,645 is looming on the horizon, and if prices fail to break above this point, the bears may be looking to return.

Register your email here to receive weekly price analysis updates delivered to your inbox:

Could Ethereum hit $2,000 in July? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Comments are closed.