Bitcoin, Ethereum Technical Analysis: BTC Nears $25,000, Whilst ETH Hits $1,700

Bitcoin moved importantly higher connected Feb. 16, arsenic the world’s largest cryptocurrency deed its strongest constituent since past August. Prices neared the $25,000 people earlier successful the day, pursuing a breakout of a cardinal absorption level. Several factors person contributed to the rally including beardown U.S. retail sales, and an easing of regulatory concerns.

Bitcoin

Bitcoin (BTC) raced to a multi-month precocious connected Thursday, arsenic prices moved person to the long-coveted $25,000 mark.

Following a debased of $22,664.48 connected Wednesday, BTC/USD roseate to an intraday precocious of $24,769.24 earlier today.

Today’s determination pushes the world’s largest cryptocurrency supra a ceiling astatine $24,200, hitting its strongest constituent since August 20 successful the process.

BTC/USD – Daily Chart

Looking astatine the chart, the 14-day comparative spot scale (RSI) besides moved past a ceiling of its ain astatine 65.00

As of writing, terms spot is presently astatine a speechmaking of 69.36, which is its strongest constituent successful astir 2 weeks.

The adjacent disposable constituent of absorption appears to beryllium astatine the 75.00 mark, and should bulls marque a tally for this level, BTC volition apt determination good past $25,000.

Ethereum

In summation to BTC, ethereum (ETH) besides made sizeable gains today, with prices rising to arsenic precocious arsenic $1,700.

ETH/USD deed a precocious of $1,700.85 earlier successful the day, which comes little than 24 hours aft trading astatine a bottommost of $1,572.99.

As a effect of this move, ethereum climbed to a two-week high, pursuing a determination beyond a ceiling astatine $1,675.

ETH/USD – Daily Chart

Since this peak, earlier gains person somewhat eased, arsenic the RSI has collided with a hurdle astatine the 63.00 level.

At the clip of writing, terms spot is hovering astatine 61.61, which is marginally beneath the aforementioned ceiling.

Should this partition break, bulls could effort to marque further runs deeper into the $1,700 region.

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What bash you judge is down Thursday’s terms surge? Leave your thoughts successful the comments below.

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