Bitcoin surged towards the $31,000 mark on Friday ahead of the upcoming retail sales data from the United States. Sales are expected to be flat, while overall consumer sentiment is forecast to increase to 62.7 from a reading of 62.0. Ethereum extended recent gains, reaching an eleven-month high in the process.
Bitcoin
bitcoin (B T c) was once again in the green on Friday, as traders pushed the price closer to the $31,000 mark.
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B T c/USD rose to a high of $30,848.46 in today’s session, a day after trading at a low of $30,160.59.
The move resulted in bitcoin reaching its strongest point since June 7, when it peaked at $31,549.
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Overall, this recent surge in momentum has sent the Relative Strength Index (RSI) into overbought territory.
At the time of writing, the index is tracking at 72.18, which is slightly higher than the peak of 72.
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If the index moves above the reading of 73.00, it is highly likely B T c Will trade above $31,000.
Ethereum
Ethereum (ETH) continued to climb higher after its recent Shepela update, with the price rising above $2,100.
After Thursday’s low of $1,987.05, ETH/USD moved to a peak of $2,126.32 earlier in today’s session.
As a result of today’s increase in price, the world’s second largest cryptocurrency has reached its highest level since last May.
The latest rally came when the bulls broke the key $2,030 resistance level, with the RSI crossing its own hurdle at the 72.00 mark.
like with B T c, ETHThe RSI of the index is also overbought, with a reading of 75.29 at the time of writing.
A higher range at 80.00 now awaits the current uptrend in the market.
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