Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000 After Moving Average ‘Death’ Cross
Bitcoin (BTC) had been trading near the $25,000 level to start the week as the market sentiment shifted towards the bulls and after hitting a high of $25,093.06 on Sunday, Bitcoin is currently trading at $24,909.03 at the time of writing. This move is visible on Monday when the price broke down from the recent support point at $24,200 and now we are definitely seen to cross the $1000 range and overall we can say The catalyst for this rise is the 10-day (red) moving average we see that crossed its 25-day (blue) counterpart in what is known as the “death cross” during the week. Furthermore we can say that the Relative Strength Index (RSI) has once again moved beyond a resistance point at 64.00. The index is currently tracking at 65.88 at the time of writing, which is slightly below the barrier of 66.00 and may be the reason why bitcoin has already declined from higher levels.
Ethereum ( ETH ) traded mostly higher over the past 24-hours when its price remained above $1,700. Ethereum soared to a peak of $1,718.95 earlier in the day, coming after falling to a low of $1,659.30 on Sunday. Like bitcoin, it has touched gains recently and on this occasion held the mark at $1,675. An upward crossover of the moving averages also occurred in today’s session, which usually signals a change in market momentum. is a sign of. If this happens, there is a strong possibility that Ethereum bulls could target $1,800, which it has not hit since September. In order to move like this level in a possible manner, the upcoming hurdle of 67.00 on the Relative Strength Index has to be cleared first.
