Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000, Following Moving Average ‘Death’ Cross
Bitcoin hovered around $25,000 on February 20 as crypto markets traded close to recent highs. Markets started the week partly in the green ahead of the week’s key economic data. The US FOMC (Federal Open Market Committee) will release its latest minutes on Wednesday, followed by US gross domestic product data on Thursday. Ethereum continues to trade above $1,700 today.
Bitcoin (BTC) remained close to the $25,000 level earlier in the week as market sentiment shifted towards the bulls.
After a high of $25,093.06 on Sunday BTC/USD is currently trading at $24,909.03 at the time of writing.
Monday’s move comes as prices rebounded from the recent support point at $24,200 and now appear to be approaching the $1,000 ceiling.
Overall, the catalyst for this surge appears to be the 10-day (red) moving average, which crossed its 25-day (blue) counterpart over the weekend in a move known as the “death cross.”
In addition to this, the Relative Strength Index (RSI) has again moved beyond the resistance point at 64.00.
At the time of writing, the index is currently tracking at 65.88, slightly below the 66.00 barrier, and this may be the reason why BTC dropped from previous highs.
Ethereum (Ethereum) has mostly traded higher in the past 24 hours, with prices remaining above $1,700.
Ethereum/USD peaked at $1,718.95 earlier in the day after falling to a low of $1,659.30 on Sunday.
As with bitcoin, the rally came as prices rebounded from a recent low — in this case, $1,675.
An upward crossover of the moving averages also occurred in today’s session, which is usually a sign of a change in market momentum.
If so, there is a strong possibility that the Ethereum bulls could target $1,800, which has not been reached since September.
To potentially move to this level, the upcoming hurdle at 67.00 on the RSI must first be cleared.
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Can Ethereum hit $1,800 by the end of the week? Leave your thoughts in the comments below.
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Credit : news.bitcoin.com