Bitcoin experienced a significant surge, reaching a one-year high above $31,000 as the weekend commenced. After a somewhat sluggish start to the month, prices made a strong recovery this week, witnessing a rise of up to 15%. Meanwhile, Ethereum briefly crossed the $1,900 mark before retracing.
Bulls took control of the Bitcoin (BTC) market once again, propelling the price above the $31,000 level late on Friday.
Following an initial low of $29,927.28, BTC/USD climbed to an intraday peak of $31,389.54 as the trading session progressed.
This ascent marked Bitcoin’s highest level since June 6 of the previous year, when its price surpassed the $31,400 threshold.
BTC/USD – Daily Chart
Since reaching this peak, Bitcoin has experienced a minor decline, with the relative strength index (RSI) dropping below the 73.00 resistance level.
Currently, the RSI sits at 72.53, still well within the overbought territory, which may attract further bearish interest.
Notably, the recent crossover between the 10-day (red) and 25-day (blue) moving averages remains a key indicator suggesting the potential for additional gains.
In the past 24 hours, Ethereum (ETH) briefly reclaimed the $1,900 level; however, the bullish momentum was not sustained.
ETH/USD surged to a peak of $1,932.53 last night but has since retreated below that point as the weekend began.
ETH/USD – Daily Chart
At present, the world’s second-largest cryptocurrency is trading at $1,888.03, slightly above Friday’s low at $1,865.19.
The inability to overcome the resistance level at 61.00 has contributed to the price volatility.
The current RSI for Ethereum stands at 59.81, and a potential upward crossover of its moving averages could serve as a decisive factor for further upward movement.
If such a scenario unfolds, the chances of ETH surpassing $2,000 will significantly increase.
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Share your thoughts on the driving forces behind this week’s cryptocurrency rally in the comments section below.
Frequently Asked Questions (FAQs) about cryptocurrency rally
What was the price of Bitcoin during the recent rally?
Bitcoin reached a one-year high above $31,000 during the recent rally.
How much did Ethereum rebound during this period?
Ethereum briefly crossed the $1,900 mark before retracing.
What is the significance of the moving averages crossover in Bitcoin’s analysis?
The recent crossover between the 10-day and 25-day moving averages in Bitcoin’s analysis suggests the potential for further gains.
What is the resistance level that Ethereum has been struggling to overcome?
Ethereum has been facing resistance at the 61.00 level, hindering its price strength.
Where can I sign up to receive weekly price analysis updates?
You can register your email to receive weekly price analysis updates by signing up for the Weekly Technical Analysis Report.
More about cryptocurrency rally
- Bitcoin Price Charts
- Ethereum Price Charts
- Understanding Relative Strength Index (RSI)
- Moving Averages Explained
- Cryptocurrency Market News
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