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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 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.

Bitcoin, Ethereum technical analysis: BTC tops $21,000 as ETH hits 2-month high
BTC/USD – daily chart

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 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.

Bitcoin, Ethereum technical analysis: BTC tops $21,000 as ETH hits 2-month high
ETH/USD – daily chart

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 Ethereum dip below $1,400 this weekend and traders take profits? Leave your thoughts in the comments below.


Elliman Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and online trading educator. Currently, he serves as a commentator on various asset classes, including cryptocurrencies, equities, and forex, as well as a startup founder.

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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...