Bitcoin and Ethereum experienced notable developments in their prices, with Bitcoin surpassing $30,000 for the first time since April and Ethereum reaching a multi-month high. These movements were influenced by a moving average ‘death cross’ and increased buying pressure from bullish investors. The details of each cryptocurrency’s performance are as follows:
In today’s trading session, Bitcoin broke through the $30,000 level ahead of Federal Reserve Chair Jerome Powell’s upcoming testimony. Powell’s speech marks his first public appearance since the decision to maintain unchanged interest rates in June.
BTC/USD reached a peak of $30,737.33 earlier in the day, representing the highest point since April 14 when the price reached $31,050.
A significant factor contributing to this surge was the crossover of moving averages (MA), with the 10-day (red) MA moving above its 25-day (blue) counterpart. Additionally, the relative strength index (RSI) slightly broke through the 70.00 resistance level, currently tracking at 70.88.
Similarly, Ethereum (ETH) made substantial gains on Thursday, surpassing $1,900 in the process. After hitting a low of $1,812.37 on Wednesday, ETH/USD surged to an intraday high of $1,932.07 in today’s session.
This marks the highest level Ethereum has achieved since May 6, when its price exceeded $2,000.
Analyzing the daily chart, the RSI encountered resistance at 61.00, unable to surpass this point thus far. At present, the index stands at 60.79, as some investors opted to secure their profits, resulting in a price drop. ETH is currently trading at $1,889.95.
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Feel free to share your thoughts on whether this week’s bullish trend will continue into the weekend in the comments below.
Frequently Asked Questions (FAQs) about Cryptocurrency performance
Q: What caused Bitcoin to surpass $30,000 and Ethereum to reach a multi-month high?
A: The surge in Bitcoin and Ethereum prices was influenced by several factors. For Bitcoin, the move above $30,000 was driven by a combination of Federal Reserve Chair Jerome Powell’s upcoming testimony and a crossover of moving averages (MA) known as the ‘death cross,’ which prompted increased buying pressure from bullish investors. Ethereum’s rise above $1,900 was also supported by the overall bullish trend in the cryptocurrency market and its own technical indicators, such as breaking through resistance levels and reaching a multi-month high.
More about Cryptocurrency performance
- Bitcoin Price Analysis
- Ethereum Technical Analysis
- Understanding Moving Averages
- Federal Reserve Chair Jerome Powell’s Testimony
- Bullish Trends in Cryptocurrency Market