Bitcoin, Ethereum Technical Analysis: BTC Above $30,000 as ETF Hopes Intensify
Bitcoin rallied to a three-month high on Friday, as market optimism grew that the Securities and Exchange Commission (SEC) could soon approve several spot bitcoin ETFs. As reported yesterday, SEC Chair Gary Gensler stated that the regulator is currently reviewing up to ten filings for the product. This comes as the commission also opted to drop its lawsuit against senior leadership at Ripple (XRP).
Bitcoin surged to a multi-month high in today’s session, as markets remained optimistic that the SEC could soon approve several spot bitcoin exchange-traded funds (ETFs).
BTC/USD surged above $30,000 as sentiment grew, hitting a peak at $30,104.09 earlier in today’s session.
This comes following a low of $28,449.96 on Thursday, with today’s peak the strongest point bitcoin has hit since July 23.
On a technical level, the breakout of a ceiling at 69.00 on the relative strength index (RSI) also contributed to the gains.
At the time of writing, price strength is now at a reading of 71.14, which is in overbought territory.
There has also been some slight profit taking in the market, with bitcoin now trading at $29,475.77.
Ethereum (ETH) was also higher on Friday, with the cryptocurrency once again rising above the $1,600 level.
Following a low of $1,553.03 on Thursday, ETH/USD jumped to a peak at $1,628.61 earlier in the day.
This resulted in ethereum climbing to its highest point since the start of the week, when price was over $1,640.
Today’s hump comes days after bulls rejected a breakout below a support point of $1,540, and they now look to be targeting resistance of $1,650.
In order to get there, the RSI, which is currently reading at 51.81, will need to move beyond its own ceiling at 55.00.