Bitcoin moved significantly higher on Feb. 16, as the world’s largest cryptocurrency hit its strongest point since last August. Prices neared the $25,000 mark earlier in the day, following a breakout of a key resistance level. Several factors have contributed to the rally including strong U.S. retail sales, and an easing of regulatory concerns.
Bitcoin (BTC) raced to a multi-month high on Thursday, as prices moved closer to the long-coveted $25,000 mark.
Following a low of $22,664.48 on Wednesday, BTC/USD rose to an intraday high of $24,769.24 earlier today.
Today’s move pushes the world’s largest cryptocurrency above a ceiling at $24,200, hitting its strongest point since August 20 in the process.
BTC/USD – Daily Chart
Looking at the chart, the 14-day relative strength index (RSI) also moved past a ceiling of its own at 65.00
As of writing, price strength is currently at a reading of 69.36, which is its strongest point in nearly two weeks.
The next visible point of resistance appears to be at the 75.00 mark, and should bulls make a run for this level, BTC will likely move well past $25,000.
In addition to BTC, ethereum (ETH) also made considerable gains today, with prices rising to as high as $1,700.
ETH/USD hit a high of $1,700.85 earlier in the day, which comes less than 24 hours after trading at a bottom of $1,572.99.
As a result of this move, ethereum climbed to a two-week high, following a move beyond a ceiling at $1,675.
ETH/USD – Daily Chart
Since this peak, earlier gains have somewhat eased, as the RSI has collided with a hurdle at the 63.00 level.
At the time of writing, price strength is hovering at 61.61, which is marginally below the aforementioned ceiling.
Should this wall break, bulls could attempt to make further runs deeper into the $1,700 region.
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What do you believe is behind Thursday’s price surge? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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