In short: Bitcoin ended a four-day losing streak after the US Senate approved the bill to increase the debt ceiling. The news caused the cryptocurrency to rise above $27,000. Meanwhile, Ethereum also rose, nearing the $1,900 level, after climbing to an intraday high of $1,896.62. The RSI also bounced back for both cryptocurrencies. If Bitcoin passes the $27,500 ceiling, the price could go above $28,000 this weekend.
Our quick analysis:
After a four-day losing streak, Bitcoin has snapped back into the bullish market sentiment with the news of the US Senate approving the bill to increase the debt ceiling. Ethereum is not far behind, nearing the $1,900 level in Friday’s session.
Bitcoin has been struggling around the $26,500 floor for quite some time, but the inability of bears to break it has prompted bullish market reentry. As a result, BTC/USD surged to a peak of $27,203.32, and the relative strength index (RSI) moved above a floor of its own at 46.00. Now the next test is to see whether Bitcoin can sustain this momentum at the $27,500 ceiling; if that happens, there is a high chance that the price will be above $28,000 over the weekend.
Likewise, Ethereum, the world's second-largest cryptocurrency, bounced back from the $1,851.96 floor with an intraday high of $1,896.62. Moreover, the RSI also bounced from 51.00 support, and the next visible point of resistance is at 59.00. If ETH reaches that point, it could be closer to the $1,930. At present, Ethereum trades at $1,893.49.
It is still uncertain when these cryptocurrencies will reach their full potential and hit new all-time highs, but this weekend could be an indication of the market's performance in the weeks to come. Will Ethereum surpass $1,900 this weekend? Let us know your thoughts in the comments below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
After a four-day losing streak, Bitcoin has snapped back into the bullish market sentiment with the news of the US Senate approving the bill to increase the debt ceiling. Ethereum is not far behind, nearing the $1,900 level in Friday’s session.
Bitcoin has been struggling around the $26,500 floor for quite some time, but the inability of bears to break it has prompted bullish market reentry. As a result, BTC/USD surged to a peak of $27,203.32, and the relative strength index (RSI) moved above a floor of its own at 46.00. Now the next test is to see whether Bitcoin can sustain this momentum at the $27,500 ceiling; if that happens, there is a high chance that the price will be above $28,000 over the weekend.
Likewise, Ethereum, the world's second-largest cryptocurrency, bounced back from the $1,851.96 floor with an intraday high of $1,896.62. Moreover, the RSI also bounced from 51.00 support, and the next visible point of resistance is at 59.00. If ETH reaches that point, it could be closer to the $1,930. At present, Ethereum trades at $1,893.49.
It is still uncertain when these cryptocurrencies will reach their full potential and hit new all-time highs, but this weekend could be an indication of the market's performance in the weeks to come. Will Ethereum surpass $1,900 this weekend? Let us know your thoughts in the comments below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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