Cryptocurrency markets are gaining traction as Bitcoin moves toward the $31,000 mark in advance of upcoming retail sales data from the United States, while Ethereum posts an 11-month high.
Bitcoin
Bitcoin (BTC) is once again in the green Friday, as traders drive the value close to the $31,000 mark.
BTC/USD reached a peak of $30,848.46 earlier in the day, following a low of $30,160.59 the day before.
This surge in momentum has taken Bitcoin to its strongest point since June 7, when it hit a peak of $31,549.
The relative strength index (RSI) is now deep in overbought territory, currently standing at 72.18, slightly higher than the peak of 72.
Should the RSI move above a reading of 73.00, it is likely that BTC will break through the $31,000 mark.
Ethereum
Ethereum (ETH) has continued its upward momentum, fueled by the recent Shapella update, pushing the price beyond $2,100.
ETH/USD moved to a peak of $2,126.32 after rising from a low of $1,987.05 on Thursday.
This marks an eleven-month high for the second largest cryptocurrency, after bulls broke out of a key resistance level of $2,030, and the RSI crossed the 72.00 mark.
As with Bitcoin, Ethereum’s RSI is now overbought, standing at a reading of 75.29. Bulls will now be looking to make a break above 80.00.
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