By:
On April 5, Bitcoin broke above a $28,500 barrier level as the cryptocurrency markets continued to respond to American economic data. For the first time since 2021, there were fewer than 10 million job opportunities in the United States, as businesses started to scale back their hiring initiatives. Ethereum increased its eight-month high today and pushed closer to $2,000 per unit.
Bitcoin
On Wednesday, Bitcoin (BTC) broke through a crucial resistance level, and traders are now targeting a move beyond the $29,000 threshold.
BTC/USD reached an intraday high of $28,739.24 earlier in today’s session after Tuesday’s low of $27,979.75.
After the move, bitcoin surpassed a recent ceiling of $28,500 and reached a four-day high.
Overall, the move appears once the relative strength index (RSI) bounced from a recent floor at 58.
The index is currently tracking at 62.48, and bulls could set their sights on the next visible ceiling of 65.00.
If and when this resistance level is reached, there is a good chance that BTC will be above $29,000.
Ethereum
In addition to BTC, ethereum (ETH) prices were also up, reaching a new eight-month high.
ETH/USD traded at a low of $1,855.37 the previous day before reaching a high of $1,921.27 earlier in the day.
The price of Ethereum increased as a result of this rise, reaching its highest level since August 17, when it peaked at $1,957.
Price strength has recently increased and is currently reading 65.87, just below the ceiling of 66.00.
As a result, several early bulls have sold to lock in profits, which has caused ETH to decline from the day’s high.
At the time of writing, Ethereum is trading at $1,915.88.
Reading More:
