Bitcoin rose for a third consecutive session on Friday, as prices rose above $24,000 to end the work week. Today’s rise comes as sentiment in crypto remains bullish, following Wednesday’s interest rate hike by the Fed. Ethereum was also higher, as prices approached $1,800.
Bitcoin (BTC) was trading higher for a third straight day, as prices climbed over $24,000 in today’s session.
The world’s largest cryptocurrency hit an intraday peak of $24,294.79 earlier in the day, which comes after BTC was at a low of $22,722.27 on Thursday.
Friday’s high sees BTC/USD hit at its highest point since June 12, when prices were trading over $26,000.
As a result of this move, bitcoin has now collided with a long-term resistance level at $24,200, with some earlier bulls opting to liquidate their positions.
For this reason, previous momentum has momentarily fallen, with the token now sitting at $24,040.61 as of writing this.
Although bulls will likely be targeting a move towards $25,000, they will need to overcome a ceiling of 62 on the 14-day RSI in order to reach this point.
Like bitcoin, ethereum (ETH) extended its recent winning streak, climbing higher for a third consecutive session in the process.
This latest high saw ETH/USD rise to $1,774.58, which comes less than 24-hours after the token was trading at $1,604.89.
This was the highest price for ethereum since June 10, when prices were trading at a high above $1,800.
However, like bitcoin, earlier bullish momentum has given way as today’s session has progressed, with the token now trading at $1,604.89
Which comes as the 14-day relative strength index failed to break out of a ceiling at the 66 level, and subsequently has now fallen to a reading of 63.72.
If bulls are to reach their target of $1,800 this upcoming weekend, price strength will need to surge beyond this hurdle.
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Will bullish sentiment in crypto markets remain this weekend? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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