Bitcoin, Ethereum Technical Analysis: Bitcoin Hits 14-Month High, Following Ripple Ruling
Bitcoin rose towards the $32,000 mark late on Thursday, as markets reacted to the news that a U.S. judge ruled that XRP was “not necessarily a security on its face.” The ruling was well received by the crypto world, and raised optimism that other crypto companies who are currently in legal battles with the Securities and Exchange Commission (SEC) could also prevail.
Bitcoin
Bitcoin (BTC) was on the cusp of hitting $32,000 in the past 24 hours, following the news that XRP was not necessarily classified as a security by a U.S. judge.
BTC/USD peaked at $31,814.51 late on Thursday, after trading at a low of $30,486.69 earlier in the day.
Yesterday’s peak is the strongest point bitcoin has hit since late-May last year, which is the last time price was over $32,000.
Overall, BTC has since declined, as traders move to secure gains, resulting in the price now trading at $31,208.15.
This comes as the relative strength index (RSI) failed to break a ceiling of 66.00, and is now tracking at 62.62.
Today’s move also averted a downward crossover between the 10-day (red) moving average, and its 25-day (blue) counterpart.
Ethereum
Ethereum (ETH) was another big mover, surging above $2,000 in today’s session, which came as a result of the Ripple news.
Following a low of $1,878.81 on Thursday, ETH/USD jumped to an intraday high of $2,026.20 earlier in the day.
As a result of the rally, the world’s second largest cryptocurrency recorded its strongest level since April 19.
A downward crossover of moving averages also failed to materialize, with momentum now back in the hands of bulls.
However, similar to BTC, ethereum’s RSI failed to break out of a ceiling at 65.00, with the index now at a reading of 63.02.
At the time of writing, ethereum is trading at $1,991.99.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum move back above $2,000 today? Leave your thoughts in the comments below.
