Bitcoin Surges to Highest Level Since May 2022
The price of Bitcoin soared to its highest level since May 2022 as bullish sentiment swept through the market. Traders anticipated an imminent announcement from the United States Securities and Exchange Commission (SEC) regarding a potential Bitcoin exchange-traded fund (ETF), possibly from Blackrock. Additionally, Ethereum also experienced gains, surpassing the $1,800 mark.
Bitcoin’s Momentum Pushes It Over $35,000
Bitcoin bulls drove the cryptocurrency above the $35,000 threshold on Tuesday as excitement over a potential ETF approval grew stronger. After starting the week at a low of $30,433.32, BTC/USD surged to a peak of $35,150.43 earlier in the day. This propelled Bitcoin to its highest level since May 7, 2022, when it was trading above $36,000.
However, some of the earlier gains have subsided due to factors such as the relative strength index (RSI) reaching overbought territory. The current RSI reading is at 88.60, its strongest level this year. As a result, Bitcoin is now trading at $34,528.51 as traders may be closing positions to secure profits.
Ethereum Reaches $1,800 for the First Time in Months
Ethereum (ETH) achieved a milestone by surpassing $1,800 for the first time in several months amidst positive sentiment in the crypto market. ETH/USD rallied to an intraday high of $1,845.99 in today’s session after hitting a low of $1,664.58 the day before. This surge propelled Ethereum to its highest point since August 13 when it was slightly below $1,860.
Ethereum has experienced five consecutive sessions of growth, with the RSI breaking through resistance at 60.00. However, similar to Bitcoin, Ethereum’s price strength is now in overbought territory, with the RSI tracking at 76.79. While bulls managed to surpass a ceiling of 68.00 in the past few hours, it is unlikely that this momentum will be sustained as profit takers start to emerge.
Hot Take: Bitcoin and Ethereum Surge on Bullish Sentiment
The crypto market witnessed significant rallies as Bitcoin and Ethereum surged to new highs. Bitcoin’s bullish momentum was fueled by expectations of an upcoming SEC announcement regarding a potential Bitcoin ETF from Blackrock. Ethereum also benefited from general positive sentiment in the market. However, both cryptocurrencies faced challenges due to overbought conditions indicated by the relative strength index (RSI). While profit-taking may lead to temporary pullbacks, the overall bullish sentiment suggests further potential upside for Bitcoin and Ethereum.
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