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.
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.
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.
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