Jamal Al-Farouq Bitcoin surged above the $31,000 mark on July 4th, coinciding with the U.S. Independence Day holiday. Consequently, the cryptocurrency maintained its position close to a one-year high during today’s trading session. Meanwhile, Ethereum experienced a consolidation phase following its gains on Monday.
Bitcoin
Bitcoin (BTC) made significant progress toward reaching a fresh one-year high on Tuesday, as U.S. markets were closed in observance of the July 4th holiday.
After starting the week with a low of $30,586.51, BTC/USD swiftly climbed to an intraday peak of $31,375.61 earlier in the session.
This upward movement brought Bitcoin closer to last Friday’s high of $31,443, which represented its strongest level since June of the previous year.
BTC/USD – Daily Chart
However, the initial momentum has waned as the relative strength index (RSI) encountered resistance at the 70.00 level.
At present, the index stands at 68.43 and appears to be heading towards a support level around 66.00.
If it reaches this point, there is a high likelihood that Bitcoin will be trading around the $30,500 range.
Ethereum
Following its ascent towards $2,000 on Monday, Ethereum (ETH) experienced a decline in today’s session, falling below $1,950.
ETH/USD dropped to a low of $1,949.15 earlier today, less than 24 hours after peaking at $1,974.78.
Nevertheless, the world’s second-largest cryptocurrency has since rebounded and is once again approaching a multi-month high.
ETH/USD – Daily Chart
To surpass this level, ETH bulls will need to propel the price above an upcoming resistance zone at 64.00.
Currently, the RSI indicates a reading of 62.59, marking its highest level since April 19 when the price was above $2,100.
Some analysts believe that Ethereum could return to this point in the following weeks.
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Share your thoughts on whether the markets will rally after U.S. traders return from the July 4th holiday in the comments section below.
Table of Contents
Frequently Asked Questions (FAQs) about cryptocurrency market analysis
Q: What was the price of Bitcoin on July 4th and how does it relate to its one-year high?
A: On July 4th, Bitcoin surpassed the $31,000 mark, moving closer to its one-year high. The cryptocurrency reached an intraday peak of $31,375.61, approaching its strongest point since June of the previous year.
Q: What is the current market outlook for Bitcoin?
A: The relative strength index (RSI) suggests a potential support level around 66.00, which could lead Bitcoin to trade around the $30,500 range. However, further market analysis is needed to ascertain the future direction of Bitcoin.
Q: How did Ethereum perform on July 4th?
A: Ethereum experienced a consolidation phase on July 4th following its gains on Monday. The cryptocurrency fell below $1,950 but rebounded later in the session, approaching a multi-month high.
Q: What is the resistance level that Ethereum needs to overcome?
A: Ethereum bulls need to push the price above the 64.00 resistance zone to reach higher levels. The current reading of the relative strength index (RSI) is 62.59, indicating positive momentum similar to levels seen in April when the price exceeded $2,100.
Q: Will the markets rally after U.S. traders return from the July 4th holiday?
A: The market outlook post-holiday remains uncertain. It would require further analysis and observation of market trends to determine the potential impact on the markets after the return of U.S. traders from the July 4th holiday.
More about cryptocurrency market analysis
- Bitcoin Price Analysis
- Ethereum Technical Analysis
- Relative Strength Index (RSI) Explained
- Understanding Support and Resistance Levels
- Market Outlook Post-Holiday
1 comment
bitcoin hit a high of 31k on july 4th! omg it’s almost a 1yr high, sooo close! eth was a bit shaky tho, dipped below 1.9k but now bouncing back. market outlook? idk, let’s see after traders come back from the 4th of july hols!