Bitcoin rallied to its highest level since May 2022, as bullish sentiment exploded throughout the market. The surge came as traders believed a United States SEC announcement was imminent, over a bitcoin exchange-traded fund (ETF), likely from Blackrock. Ethereum also rose, climbing above $1,800.
Bitcoin
Bitcoin bulls pushed the cryptocurrency over the $35,000 level on Tuesday, as momentum over a potential ETF approval intensified.
Following a low of $30,433.32 to start the week, BTC/USD surged to a peak at $35,150.43 earlier in the day.
This resulted in bitcoin climbing to its highest level since May 7, 2022, when the price was trading above $36,000.
Earlier gains have somewhat eased due to several factors, one of which being the relative strength index (RSI) moving deep into overbought territory.
Currently, the index is tracking at the 88.60 mark, which is its strongest reading since the start of the year.
BTC is now trading at $34,528.51, as traders have likely started closing off positions, in order to secure profits.
Ethereum
Ethereum (ETH) reached $1,800 for the first time in several months, after being the beneficiary of general sentiment around crypto.
ETH/USD rallied to an intraday high of $1,845.99 earlier in today’s session, a day after trading at a bottom at $1,664.58.
As a result of today’s peak, ethereum reached its highest point since August 13, when price was marginally below $1,860.
The move saw ethereum climb for a fifth straight session, which came as the RSI broke out of a resistance at 60.00.
Similar to bitcoin, price strength in ETH is now severely overbought, with the index now tracking at 76.79.
Bulls broke a ceiling of 68.00 over the last several hours, however it is unlikely that this will be sustained, as profit takers begin to loom.
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