Bitcoin moved significantly higher on February 16, as the world’s largest cryptocurrency reached its strongest point since last August. Prices have approached the $25,000 mark earlier in the day, following a breakout of a key resistance level. Several factors have contributed to the rally, including strong US retail sales and easing regulatory concerns.
Bitcoin
bitcoin (BTC) ran to a multi-month high on Thursday as prices neared the coveted $25,000 mark.
After a low of $22,664.48 on Wednesday, BTC/USD rose to an intraday high of $24,769.24 today.
Today’s move pushes the world’s largest cryptocurrency above a ceiling of $24,200, hitting its strongest since Aug. 20 in the process.
Looking at the chart, the 14-day RSI also broke above its own top at 65.00.
At time of writing, price strength is currently at a reading of 69.36, which is its strongest point in almost two weeks.
The next visible point of resistance seems to be at the 75.00 mark, and if the bulls try to reach this level, BTC It will probably move well past $25,000.
Ethereal
In addition to BTCethereal (ETH) also made sizable gains today, with prices climbing as high as $1,700.
ETH/USD reached a high of $1,700.85 earlier in the day, which comes less than 24 hours after trading at a low of $1,572.99.
As a result of this move, ethereum rose to a two-week high, after moving past a top of $1,675.
Since this peak, previous gains have eased a bit, as the RSI hit a roadblock at the 63.00 level.
At the time of writing, price strength stands at 61.61, which is marginally below the aforementioned ceiling.
If this wall breaks, the bulls could try to make more forays into the $1,700 region.
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What do you think is behind Thursday’s price increase? Leave your thoughts in the comments below.
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