Bitcoin briefly hit a high above $48,000 on Tuesday, as prices of the world’s largest cryptocurrency rose for an eighth straight day. ETH was also trading higher during the session, with prices nearing their highest since January 5.
Bitcoin reached the $48,000 level today, as the world’s largest cryptocurrency climbed higher for an eighth consecutive session.
On Tuesday, BTC/USD rose to an intraday high of $48,086.84, as prices rose to their highest point since New Year’s Eve.
Today’s move comes as bitcoin has sustained its upward momentum since breaking out of the then ceiling of $42,500 on March 22.
Now on the cusp of yet another resistance at $48,200, BTC’s recent streak will likely be tested, as bears will look to short at this point.
Looking at the chart, history shows us that there have been previous bearish runs at this point, similar to January 2, and with prices currently overbought, there is some reason as to why a reversal could occur.
Bulls will likely not give way without a fight, however, as longer-term investors sense a real opportunity to move towards $50,000.
In addition to BTC, prices of ethereum also climbed on Tuesday, as the global crypto market cap rose by almost 2% as of writing.
ETH/USD climbed to an intraday high of $3,470.19 during today’s session, which is its highest level since January 6.
Today’s move now means that ethereum’s price has risen for 13 of the last 15 days, gaining close to 20% in value within that period.
The rally which took place today saw ETH breakout of its resistance level at $3,380, following a break beyond the $3,170 mark only two days prior.
As such, price strength continues to surge, with the 14-day RSI now tracking at 74.39, which is a multi-month high.
Although some will continue to anticipate a reversal, the momentum of the moving averages shows no sign of slowing down, which could lead to further gains.
Could we see the $3,500 level hit as early as today? Leave your thoughts in the comments below.
Eliman brings a diversified 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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