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On July 4th, Bitcoin reclaimed its position above the $31,000 mark, coinciding with the Independence Day holiday for U.S. traders. This surge propelled the cryptocurrency to hover around its one-year peak, maintaining a strong position. In the meantime, Ethereum stabilized following its previous gains on Monday.
Bitcoin
Bitcoin (BTC) moved closer to a fresh one-year high on Tuesday as U.S. markets closed to celebrate 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, 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.
ETH bulls must take price strength above an upcoming ceiling at the 64.00 zone to get there.
The RSI has a reading of 62.59, its highest level since April 19, when the price was above $2,100.
Some believe that ETH could return to this point in the coming weeks.
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