Bitcoin extended recent gains on Thursday, climbing above the $30,000 level for the first time since April, and ahead of Fed Chair Powell’s testimony today. The move also came following a death cross of moving averages, which prompted bulls to intensify buying pressure. Ethereum moved to a multi-month high.
Bitcoin
Bitcoin moved above the $30,000 level in today’s session, ahead of a testimony by the chair of the Federal Reserve, Jerome Powell.
Powell will be speaking today for the first time since the Fed’s decision to keep interest rates unchanged in June.
BTC/USD hit a peak at $30,737.33 earlier in the day.
This is the strongest point that bitcoin has hit since April 14, when price reached a top at $31,050.
Another major catalyst for the move was a crossover of moving averages (MA), with the 10-day (red) MA, moving above its 25-day (blue) counterpart.
In addition to this, the relative strength index (RSI) has also marginally broken out of a ceiling at 70.00, and is now tracking at 70.88.
Ethereum
Additionally, ethereum (ETH) also made significant gains on Thursday, rising above $1,900 in the process.
Following a low at $1,812.37 on Wednesday, ETH/USD surged to an intraday high of $1,932.07 earlier in today’s session.
This was the highest level that ethereum had hit since May 6, which is the last time price was over $2,000.
Today’s rally also pushed the RSI to a resistance level at 61.00, a point that it has so far been unable to move past.
As of writing, the index is now tracking at 60.79, with earlier bulls opting to secure some gains, resulting in a drop in price.
ETH is now trading at $1,889.95.
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Will this week’s bull run continue into the weekend? Leave your thoughts in the comments below.
