Bitcoin, Ethereum Technical Analysis: BTC Jumps to 6-Month High Above $24,000 – Market Updates Bitcoin News


Bitcoin surged above $24,000 on Feb. 02, as continued markets to react to the latest US Federal Reserve policy decision. On Wednesday, the central bank moved to increase rates by 25 basis points, while signaling that further hikes could be on the cards. Ethereum also rallied, with prices nearing $1,700.

bitcoin

bitcoin (BTC) rose to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August.

The move came as the Federal Reserve opted to increase interest rates by 25 basis points in its latest policy meeting.

as a result, BTC/USD rose to an intraday high of $24,167.21, less than 24-hours after it was trading at a low of $22,877.75.

BTC/USD – Daily Chart

Thursday’s surge saw the world’s largest cryptocurrency climb to its strongest point August 16, when prices reached a peak of $24,448.

This took place as the 14-day relative strength index (RSI) moved away from a recent floor at 68.00, and is now tracking at 74.10.

Should price strength continue on this course, a resistance level of 77.00 will likely be a target for current bulls.

Ethereum

Ethereum (ETH) also made significant gains in the last 24 hours, as traders prices pushed close to the $1,700 mark.

Following a low of $1,566.86 on Wednesday, ETH/USD raced to a peak of $1,689.07 earlier in today’s session.

This rally in price saw ethereum move to its highest mark since September 12, when ETH reached a top at $1,761.

ETH/USD – Daily Chart

Looking at the chart, today’s five-month high came as ETH broke out of its long-term price ceiling at $1,670.

Although one point of resistance has been broken, ethereum bulls are fast approaching another, with the relative strength index (RSI) nearing a ceiling at 68.00.

Currently, the index is tracking at 65.19, with earlier bulls likely to consider taking profits before a full collision occurs.

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Do you expect ethereum to move above $1,700 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




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