BTC Climbs to $29,000 for the First Time Since Last June – Market Updates Bitcoin News

Bitcoin surged above $29,000 on Thursday as the price touched its strongest point since last June. The surge came despite some consolidation in cryptocurrency markets ahead of the upcoming US GDP report. Ethereum was also higher as it continued to trade above $1,800.

Bitcoin

Bitcoin (BTC) hit its highest level in nine months despite cryptocurrencies mostly consolidating ahead of the upcoming US GDP report.

After hitting a low of $28,155.83 on Wednesday, BTC/USD raced to an intraday high of $29,159.90 at the start of the session.

As a result of this price surge, Bitcoin surged above $29,000 for the first time since June 10.

BTC/USD daily chart

Looking at the chart, the move came as BTC briefly broke out of resistance at $28,500, with the Relative Strength Index (RSI) crossing a similar threshold.

As of this writing, the index is trading at the 65.27 level, which is slightly above its 65.00 ceiling.

Overall, BTC bulls have moved to lock in some of their earlier gains, with the price now trading at $28,582.20.

ether

Ethereum (ETH) continued to trade above $1,800 on Thursday, but sentiment shifted after failing to sustain a breakout at a crucial point.

ETH/USD surged to a high of $1,827.28 on Thursday, less than 24 hours after a low of $1,776.64.

Despite slightly moving above the aforementioned $1,825 ceiling, Ethereum bulls failed to sustain the bullish momentum.

ETH/USD daily chart

As of this writing, ETH is trading at $1,800.78, coinciding with the RSI hovering around its recent resistance level at 58.00.

The index is currently trading at 58.25 with a move below the 58.00 level almost certainly triggering further declines.

Momentum also appears to be slowing, with the 10-day moving average (red) approaching a downside crossover.

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Could we see an Ethereum rally before the end of the week? Leave your thoughts in the comments below.

Elijah Dambell

Eliman was previously a director of a London based brokerage firm while also teaching online trading. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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