Bitcoin broke above $29,000 on Thursday as the price reached its strongest point since last June. The rise came despite some consolidation in the cryptocurrency markets ahead of the next US GDP report. Ethereum was also higher as it continued to trade above $1,800.
Bitcoin
bitcoin (BTC) moved to its highest point in nine months, despite cryptocurrencies mostly consolidating ahead of the next US GDP report.
After a low of $28,155.83 on Wednesday, BTC/USD hit an intraday high of $29,159.90 earlier in the session.
As a result of this increase in price, bitcoin broke above the $29,000 level for the first time since June 10.
Looking at the chart, the move occurred as BTC It briefly broke a resistance at $28,500, with the Relative Strength Index (RSI) breaching a similar threshold.
At time of writing, the index is at the 65.27 level, which is marginally above its top at 65.00.
In general, BTC The bulls have moved in to lock in some of their earlier gains, with the price now trading at $28,582.20.
Ethereal
ethereal (ETH) continued to trade above $1800 on Thursday, however sentiment changed after it failed to sustain a breakout at a key point.
ETH/USD rose to a high of $1,827.28 on Thursday, less than 24 hours after the price hit a low of $1,776.64.
Although it moved marginally above its previously mentioned top at $1,825, ethereum bulls were unable to sustain the bullish momentum.
At the time of writing, ETH It is trading at $1,800.78, which is in line with the RSI hovering around its recent resistance level at $58.00.
The index is currently at 58.25, with a move below the 58.00 level almost certain to trigger further declines.
Momentum also appears to be slowing, with the 10-day moving average (red) nearing a lower crossover.
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Could we see an ethereum rally before the end of the week? Leave your thoughts in the comments below.
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