Bitcoin briefly hit a high above $48,000 on Tuesday, as prices of the world’s largest cryptocurrency rose for an eighth straight day. ETH was also trading higher during the session, with prices nearing their highest since January 5.
Bitcoin
Bitcoin reached the $48,000 level today, as the world’s largest cryptocurrency climbed higher for an eighth consecutive session.
On Tuesday, BTC/USD rose to an intraday high of $48,086.84, as prices rose to their highest point since New Year’s Eve.
Today’s move comes as bitcoin has sustained its upward momentum since breaking out of the then ceiling of $42,500 on March 22.
Now on the cusp of yet another resistance at $48,200, BTC’s recent streak will likely be tested, as bears will look to short at this point.
Looking at the chart, history shows us that there have been previous bearish runs at this point, similar to January 2, and with prices currently overbought, there is some reason as to why a reversal could occur.
Bulls will likely not give way without a fight, however, as longer-term investors sense a real opportunity to move towards $50,000.
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Ethereum
In addition to BTC, prices of ethereum also climbed on Tuesday, as the global crypto market cap rose by almost 2% as of writing.
ETH/USD climbed to an intraday high of $3,470.19 during today’s session, which is its highest level since January 6.
Today’s move now means that ethereum’s price has risen for 13 of the last 15 days, gaining close to 20% in value within that period.
The rally which took place today saw ETH breakout of its resistance level at $3,380, following a
