Bitcoin is trading around $25,000 today, as cryptocurrency markets continue trading close to recent high levels. The market began the week mostly in the green, in advance of an important week for the release of U.S. economic data. The U.S. Federal Open Market Committee will be releasing its most recent minutes this Wednesday, with GDP (gross domestic product) data to follow on Thursday. Ethereum trading has also been brisk, with the digital asset climbing above $1,700.
Bitcoin
Bitcoin continues to be close to the $25,000 level on the first day of the week, as sentiment within the market shifted toward the bulls. After reaching a high level of $25,093.06 yesterday, the BTC/USD pairing is currently trading just shy of the $25K level at the time of publication.
Today’s price action comes as crypto prices have bounced from a support level of $24,200, and currently seem to be on track to reach a ceiling that is $1,000 away. The driver of this price surge seems to be the 10-day moving average, which surpassed its 25-day counterpart this weekend. This type of chart movement is commonly referred to as a “death cross.”
Additionally, the relative strength index has yet again pushed beyond a point of resistance at 64.00. At this time, the index is at 65.88, just slightly below a barrier of 66.00. This could account for why Bitcoin has decreased slightly from earlier highs.
Ethereum
Ethereum has been trading mostly traded higher, with prices continuing to exceed $1,700. The ETH/USD pairing reached a peak of $1,718.95 earlier today, after dropping as low as $1,659.30 yesterday. Similar to Bitcoin, the price increase occurred as prices bounced off of a recent floor, which in this instance was the $1,675 level.
An upward MA crossover has also taken place during today’s trading session. This is typically an indication of a change in market momentum. If this is the case, there is a strong chance that bulls could push for $1,800, a price that hasn’t been seen since September of last year. If Ethereum is to reach the $1,800 price level, it must overcome an RSI indicator hurdle of 67.00.