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BTC Above $21,000 as ETH Hits Fresh 2-month High – Market Updates Bitcoin News

BTC Above $21,000 as ETH Hits Fresh 2-month High – Market Updates Bitcoin News

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Bitcoin hit a new two-month high on January 14th, after the crypto market was significantly higher on Saturday. The world’s largest cryptocurrency jumped above $21,000 as prices rose for the sixth day in a row. Ethereum traded above $1,500 to start the weekend, also its strongest point since November.

Bitcoin

Bitcoin (BTC) rallied for the sixth consecutive session over the weekend as prices rose above the $21,000 level.

BTC/USD hit a high of $21,054.38 earlier in today’s session, which comes after prices hit $18,793.66 on Friday.

This price spike saw bitcoin gain as much as 10 percent in value over the past 24 hours, while also reaching its strongest point since November 5th.

Bitcoin, Ethereum Technical Analysis: BTC Above $21,000 As ETH Hits New 2-Month High
BTC/USD – Daily Chart

Looking at the chart, the rally came as the 14-day Relative Strength Index (RSI) continued to rise. It now follows 89.22.

Typically, a reading of 70.00 is seen as overbought, and with this print, the highest point in two years, we are deep in bear territory.

When the price becomes overbought, many expect the bearish sentiment to increase as traders begin to short the market.

Ethereum

Ethereum (ETH) also hit a two-month high in today’s session, and the price remained in the green for the seventh straight day.

After hitting a low of $1,404.82 on Friday, ETH/USD rose to an intraday high of $1,558.25 on Saturday.

As with bitcoin, this rally sent the world’s second-largest cryptocurrency to its highest level since November 5.

Bitcoin, Ethereum Technical Analysis: BTC Above $21,000 As ETH Hits New 2-Month High
ETH/USD – Daily Chart

Overall, Ethereum is now trading over 23% higher over the past seven days.

The change is because the 10-day (red) moving average increased the spread of its 25-day (blue) counterpart.

Despite this upward momentum over the weekend, many are still expecting some reversals over the next few days.

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Could we see ethereum fall below $1400 this weekend, with traders taking profits? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and e-commerce trainer. He is currently a commentator on various asset classes including Crypto, Stocks and FX and is also a startup founder.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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