Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $25,000, Following Moving Average ‘Death’ Cross

February 20, 2023

Bitcoin was hovering near $25,000 on Feb. 20, as cryptocurrency markets traded near current highs. Markets began the week partially within the inexperienced, forward of a key week of financial knowledge. The United States FOMC (Federal Open Market Committee) will launch its newest minutes on Wednesday, adopted by U.S. gross home product knowledge on Thursday. Ethereum continues to commerce above $1,700 at present.

Bitcoin

Bitcoin (BTC) remained near the $25,000 stage to begin the week, as market sentiment shifted in direction of bulls.

Following a excessive of $25,093.06 on Sunday, BTC/USD is presently buying and selling at $24,909.03 on the time of writing.

Monday’s transfer comes as costs bounced from a current assist level at $24,200, and now seem like on track for a ceiling $1,000 away.

Overall, the catalyst of this surge seems to be the 10-day (purple) shifting common, which crossed its 25-day (blue) counterpart over the weekend, in a transfer often known as a “dying cross.”

In addition to this, the relative power index (RSI) as soon as once more moved past a resistance level at 64.00.

As of writing, the index is presently monitoring at 65.88, which is marginally under a hurdle at 66.00, and this might be a motive why BTC has fallen from earlier highs.

Ethereum

Ethereum (ETH) has principally traded greater up to now 24 hours, with costs remaining above $1,700.

ETH/USD moved to a peak of $1,718.95 earlier within the day, which comes after falling to a low of $1,659.30 on Sunday.

Like with bitcoin, the achieve happened as costs bounced from a current flooring — on this event the $1,675 mark.

An upwards crossover of shifting averages has additionally occurred in at present’s session, which is often an indication of a change in market momentum.

Should this be the case, then there’s a sturdy risk that ethereum bulls may goal $1,800, which hasn’t been hit since September.

In order to probably transfer in direction of this stage, an upcoming hurdle of 67.00 on the RSI indicator should first be overcome.

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