Bitcoin Remains Near Two-Week High
Bitcoin is staying close to its two-week high as traders analyze the latest US retail sales figures. After hitting a low of $26,285.50 on Thursday, BTC/USD rallied to an intraday high of $26,774.62 today. This peak represents bitcoin’s strongest point since August 31 when it surpassed $27,500.
Bullish Sentiment and Price Strength
The bullish sentiment today is driven by the relative strength index (RSI) approaching a ceiling of 52.00. Currently, the price strength is at 51.96, causing some previous bulls to abandon their positions. Despite retreating to $26,617.31, traders are expected to make another attempt towards the $27,000 level in the coming days.
Ethereum Rises for Fourth Consecutive Session
Ethereum (ETH) has seen a fourth consecutive session of growth as it remains above the support level of $1,620. The ETH/USD pair reached a peak of $1,640.52 on Friday after hitting a bottom of $1,618.73 just 24 hours prior. This peak marks the cryptocurrency’s highest level in seven days.
Resistance Level and Bullish Sentiment
Although earlier gains have faded and traders failed to breach the key resistance level of 47.00 on the RSI indicator, overall sentiment remains bullish. The RSI is currently at a reading of 44.41 with a potential support point at 40.00. There is still potential for an upwards cross between the 10-day moving average and the 25-day counterpart, indicating further upward movement.
Hot Take: Bitcoin and Ethereum Show Strength Amidst Positive Sentiment
Both Bitcoin and Ethereum have demonstrated strength in their recent price movements. Bitcoin’s rally towards $27,000 and Ethereum’s consecutive sessions of growth indicate positive sentiment among traders. While there may be temporary setbacks and resistance levels to overcome, the overall bullish outlook suggests that these cryptocurrencies have the potential for further upward movement in the near future.
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