Bitcoin surged to a fresh two-month high on Jan. 14, as the cryptocurrency market was notably higher on Saturday. The world’s largest cryptocurrency jumped above $21,000 as prices rose for a sixth straight day. Ethereum started the weekend trading above $1,500 and also touched its highest point since November.
Bitcoin (BTC) started the weekend with gains for its sixth straight session as the price breached the $21,000 level.
BTC/USD climbed to a high of $21,054.38 earlier today after bottoming at $18,793.66 on Friday.
The price surge has seen bitcoin jump 10 percent in the past 24 hours, hitting its highest point since Nov. 5.
Looking at the chart, the rally started as the 14-day relative strength index (RSI) continued to surge. It now tracks 89.22.
Normally, a reading of 70.00 is considered overbought, and with this number at a two-year high, we are deep in a bear market.
When prices are overbought, many expect bearish sentiment to increase as traders start shorting the market.
Ethereum (ETH) also hit a two-month high in today’s session, with prices staying in the green for the seventh day in a row.
After hitting a low of $1,404.82 on Friday, ETH/USD rose to an intraday high of $1,558.25 on Saturday.
Like bitcoin, the rally pushed the world’s second-largest cryptocurrency to its highest since Nov. 5.
Overall, Ethereum has traded up more than 23% over the past seven days.
The move comes as the 10-day (red) moving average is extending its crossover of its 25-day (blue) moving average.
Despite this bullish momentum that started over the weekend, many still expect some reversals in the coming days.
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Could we see Ethereum dip below $1,400 this weekend and traders take profits? Leave your thoughts in the comments below.
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