Bitcoin rallied to a six-week high on Wednesday, as price moved to the cusp of a breakout above the $29,000 level. Today’s surge sees bulls recover almost all of the losses that came after the Security and Exchange Commission (SEC) sued Binance and Coinbase. Ethereum also climbed higher, rising above $1,800.
Bitcoin
Bitcoin (BTC) raced to a six-week high in today’s session, as bulls moved to recover all losses that came as a result of the SEC suing Binance and Coinbase
BTC/USD hit an intraday peak of $28,975.62 earlier in the day, which comes less than 24 hours after trading at a low of $26,668.79.
Today’s move sent the cryptocurrency to its strongest point since May 6, when price traded at $29,850.
Another catalyst for Wednesday’s surge was a breakout which took place on the relative strength index (RSI).
As of writing, price strength has moved beyond a ceiling at 58.00, and is currently tracking at 65.63.
In addition, the 10-day (red) moving average has also shifted course, and is closing in on a crossover with its 25-day (blue) moving average counterpart, which is another sign of upcoming bullish momentum.
Ethereum
In addition to BTC, ethereum (ETH) also made notable gains on Wednesday, rising to its highest point in over a week.
Following a low of $1,715.34 on Tuesday, ETH/USD jumped to a high of $1,821.70 during today’s session.
As a result of this move, the world’s second largest cryptocurrency hit its strongest point since June 10.
The 14-day RSI has also made similar strides, moving to a reading of 53.27, which is the most it has tracked at since earlier in the month.
This is marginally below a resistance level at 54.00, which has prompted previous bulls to gradually begin abandoning their positions.
At the time of writing, ETH is now trading at $1,811.34, after giving up earlier gains.
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