Bitcoin moved back above the $31,000 level on July 4th, as U.S. traders celebrated the Independence Day holiday. As a result of the rally, the cryptocurrency remained near a one-year high in today’s session. Ethereum consolidated after Monday’s gains.
Bitcoin
Bitcoin (BTC) moved closer to a fresh one-year high on Tuesday, as U.S. markets closed in celebration of the July 4th holiday.
Following a low of $30,586.51 to start the week, BTC/USD raced to an intraday peak of $31,375.61 earlier in the session.
The move saw bitcoin edge closer to last Friday’s high at $31,443, which was its strongest point since June last year.
Earlier momentum has since faded, as the relative strength index (RSI) collided with a resistance level at 70.00.
The index is now tracking at 68.43 and appears to be heading for a support point at the 66.00 mark.
Should it reach this point, there is a strong possibility that bitcoin will be trading around the $30,500 level.
Ethereum
After moving towards $2,000 on Monday, ethereum (ETH) slipped in today’s session, falling below $1,950.
ETH/USD dropped to a bottom at $1,949.15 earlier in the day, less than 24 hours after peaking at $1,974.78.
The world’s second-largest cryptocurrency has since rebounded and is once again closing in on a multi-month high.
In order to get there, ETH bulls will need to take price strength above an upcoming ceiling at the 64.00 zone.
Currently, the RSI has a reading of 62.59, which is its highest level since April 19, when the price was above $2,100.
Some believe that ETH could head back toward this point in the coming weeks.
Register your email here to get weekly price analysis updates sent to your inbox:
Will markets rally after U.S. traders return from the July 4th holiday? Leave your thoughts in the comments below.
Market Updates, Bitcoin, BTC, ETH, Ethereum, Independence Day, July 4th, Technical AnalysisRead More
You might also be interested in reading Butterfly Network Non-GAAP EPS of -$0.05 beats by $0.03, revenue of $2.35M misses by $19.62M.