Bitcoin (BTC) continued its bullish trend on July 4th, surging past the $31,000 level and edging closer to a new one-year high. The cryptocurrency had started the week on a low note, dropping to $30,586.51, but quickly regained its upward momentum and reached an intraday high of $31,375.61. This marks the strongest point for BTC since June last year, and it appears that the bullish sentiment surrounding the crypto market is still present.
However, BTC’s momentum has since slowed down, and its relative strength index (RSI) has collided with a resistance level of 70.00. The index is now tracking at 68.43 and appears to be heading for a support point at the 66.00 mark. If BTC reaches this point, it could trade around the $30,500 level, although this is not a certainty. It’s worth noting that BTC’s price has been volatile in recent months, and sudden price movements can occur.
On the other hand, Ethereum (ETH) experienced some fluctuations on July 5th, consolidating after reaching $2,000 on Monday. ETH/USD dropped to a bottom at $1,949.15 earlier in the day but has since rebounded and is once again approaching a multi-month high. Breaking through a resistance level at the 64.00 zone will be crucial for ETH bulls to reach this point, and the current RSI reading of 62.59 suggests that this could be possible. If successful, some analysts believe that ETH could return to its April 19th high of above $2,100 in the coming weeks.
The crypto market is still showing signs of bullish sentiment, although volatility remains a factor to consider. Traders and investors should continue to closely monitor the market and make informed decisions based on their risk tolerance and investment goals.
Source: Bitcoin.com
