Bitcoin and Ethereum prices surged this week as investors prepared for a series of important economic reports. Cryptocurrencies have been on a tear recently as investors look for safe havens in what has been a highly volatile market. Here are some key points to keep in mind as we head into this big week of data:
Bitcoin prices surge as bulls continue to climb!
Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier today. The move comes as bitcoin bulls continued to climb higher, following a breakout of the $23,000 level on Saturday. Since reaching the day’s peak, prices have somewhat slipped, with the world’s largest cryptocurrency currently trading at $23,408.54.
Ethereum Price Hits All-Time High, but May Have More to Go
Ethereum has been on a tear this week, with prices rising above $1,600 for the first time in over two months. The price action has been bullish, with the RSI (relative strength index) crossing the 53.00 threshold and declining since. However, if we look past the psychological 54.00 resistance level, Ethereum may have further to go before reaching its all-time high of over $1,700. This week’s economic data is largely important for Ethereum’s future direction, as both earnings reports and PMI surveys will be released. Moving past the 54.00 support level would confirm that the ETH/USD price rally is still alive and well.
Bitcoin’s price action has been largely unchanged from earlier in the week, consolidating around the $6,000 level. BTC remains in a tight range bound between support at the $5,800 level and resistance at the $6,100 level. Last night’s failed attempt by Bitfinex to fix the LTC/USD market order spread shows that volatility is still alive and well in the cryptocurrency market. Looking to the future, both BTC/USD and ETH/USD are likely to see more volatility as traders weigh macroeconomic news against technical analysis.
Bitcoin and Ethereum prices continue to surge as traders eye upcoming economic data in anticipation of further price movement. The two digital assets are trading slightly higher today, with Bitcoin edging slightly past $7,000 and Ethereum reaching an all-time high of nearly $1,280. However, it’s important not to get too carried away – the week ahead is packed with important reports on both the US and China economies.