Bitcoin
Bitcoin briefly rose above the $30,000 level after Moody’s downgraded several U.S. small and mid-sized banks.
- BTC/USD reached a high of $30,176.80, the highest point since July 20.
- The cryptocurrency is currently trading at $29,791.72.
- A breakout at the 52.00 resistance level on the RSI was a catalyst for the move.
- The RSI is now at 55.39, with a ceiling at 57.00.
Ethereum
Ethereum also saw gains, but they were not as significant as Bitcoin’s.
- ETH/USD peaked at $1,873.85, its strongest level since last Wednesday.
- The price did not surpass $1,900.
- Price strength encountered resistance at 50.00 on the RSI.
- To reach the $1,900 zone, the RSI ceiling needs to be broken.
Overall, Bitcoin experienced a stronger rally than Ethereum, reaching its highest point in weeks. However, both cryptocurrencies face resistance levels that need to be overcome for further price increases.
Hot Take
The recent movements in Bitcoin and Ethereum show that market sentiment is still volatile. While Bitcoin has seen a stronger rally, Ethereum struggles to break through resistance. It remains uncertain whether these cryptocurrencies can sustain their upward momentum in the near future.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.