Bitcoin rose to a new two-month high on Jan. 14, as crypto markets were significantly higher on Saturday. The world’s largest cryptocurrency topped $21,000 as prices rallied for the sixth day in a row. Ethereum was trading above $1,500 to start the weekend, also hitting its strongest point since November.
Bitcoin
bitcoin (BTC) rose for the sixth session in a row to kick off the weekend, as prices moved above the $21,000 level.
BTC/USD rose to a high of $21,054.38 earlier in today’s session, which comes after prices hit a low of $18,793.66 on Friday.
This rise in price caused bitcoin to add as much as 10% to its value in the last 24 hours, hitting its strongest point since Nov. 5 in the process.
Looking at the chart, the rally came as the 14-day RSI continued to rise. It is now tracking at 89.22.
Typically, a reading of 70.00 is considered overbought, and with this print, which is its highest point in two years, we are in bearish territory.
When the price becomes overbought, many expect bearish sentiment to increase, as traders start selling short the market.
Ethereal
ethereal (ETH) also reached a two-month high in today’s session, with the price remaining in the green for the seventh day in a row.
After a low of $1,404.82 on Friday, ETH/USD moved to an intraday high of $1,558.25 on Saturday.
As with bitcoin, this rally sent the world’s second-largest cryptocurrency to its highest since Nov. 5.
Overall, ethereum is now trading 23% higher in the last seven days.
The move comes as the 10-day moving average (red) extended a cross of its 25-day counterpart (blue).
Despite this bullish momentum to start the weekend, many are still expecting some reversals in the coming days.
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Could we see Ethereum drop below $1,400 this weekend, with traders taking profit? Leave your thoughts in the comments below.
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