On Tuesday, Bitcoin once again established its footing above the $28,000 mark, as its 10-day and 25-day moving averages edge closer to a ‘death cross.’ These two trend lines have been drawing nearer, potentially setting the stage for a bullish crossover. In similar positive news, Ethereum saw a slight uptick today.
Bitcoin (BTC) resurfaced above the $28,000 threshold on Tuesday, with a looming death cross hinting at potential bullish upswing. BTC/USD climbed to a daily high of $28,044.76 today, rebounding from an earlier dip at $27,563.88. This rise keeps Bitcoin in proximity to a three-week high of $28,473, which is just short of the $28,500 resistance level.
Looking at the BTC/USD daily chart, the resurgence on Tuesday occurs as the relative strength index (RSI) continues to hold above a 53.00 base. At the time of this writing, the index is noted at 54.29, with a possible upper target of 57.00 in sight for current bullish traders. However, gains made earlier in the session have receded a bit, suggesting continued market volatility.
Meanwhile, Ethereum (ETH) demonstrated relative stability during today’s session, mostly maintaining its position above the $1,900 mark. After hitting a daily low of $1,879.08 on Tuesday, ETH/USD surged to a daily high of $1,916.57 later in the day. Much like BTC, this price movement keeps Ethereum in close range to its highest level since May 8.
Looking at the ETH/USD daily chart, a bullish crossover between the 10-day (red) and 25-day (blue) moving averages has already taken place, which may potentially attract more bullish traders to the market. Should this happen, the $1,930 resistance level could be the final hurdle to cross before prices can surge past the $2,000 mark.
What is the significant price level for Bitcoin (BTC) according to this analysis?
According to the analysis, Bitcoin has broken past the $28,000 mark and is hovering close to a three-week high of $28,473. The significant level to watch is the $28,500 resistance level.
What does a ‘death cross’ mean in this context?
How did Ethereum (ETH) perform according to the analysis?
Ethereum showed relative stability during the session, mostly staying above the $1,900 mark. It hit a daily low of $1,879.08 and rose to a high of $1,916.57. The analysis suggests a bullish trend with the crossover of the 10-day and 25-day moving averages.
What are the significant resistance levels for Ethereum?
According to the analysis, the significant resistance level for Ethereum is at $1,930. Should this be crossed, the price might potentially surge past the $2,000 mark.