Bitcoin surged to a two-month high on Jan. 14 as the crypto market surged on Saturday. The world’s largest cryptocurrency surpassed $21,000 as its price rose for a sixth straight day. Ethereum traded above $1,500 at the start of the weekend, its highest level since November.
Bitcoin (BTC) rose six straight times to start the weekend as the price crossed $21,000.
BTC/USD peaked at $21,054.38 early in today’s session after the price bottomed out at $18,793.66 on Friday.
This price surge has seen Bitcoin increase its value by as much as 10% in the past 24 hours, reaching its highest level since November 5th in the process.
Looking at the chart, the rally occurred as the 14-day Relative Strength Index (RSI) continued to surge. Currently tracking 89.22.
A reading of 70.00 is usually considered overbought and this print, the highest in two years, is deep into bearish territory.
When the price becomes overbought, many expect bearish sentiment to rise as traders start shorting the market.
Ethereum (ETH) also hit a two-month high in today’s session, with the price staying green for the seventh day in a row.
Following Friday’s low of $1,404.82, ETH/USD moved to an intraday high of $1,558.25 on Saturday.
Similar to Bitcoin, the rise has pushed the world’s second-largest cryptocurrency to its highest level since November 5th.
Overall, Ethereum has traded more than 23% higher over the past seven days.
This move occurs when the 10-day (red) moving average extends the crossover of the 25-day (blue) moving average.
Despite this bullish momentum to start the weekend, many are expecting some reversals in the coming days.
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Will Ethereum break below $1,400 this weekend and traders can take profits? Leave your thoughts in the comments below.
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