Bitcoin continued to trade higher on Jan. 13, with prices racing above the $19,000 level, hitting a two-month peak in the process. The latest surge comes as traders continued to react to Wednesday’s U.S. inflation report, which dropped to 6.5%. Ethereum also rose today, hitting a fresh multi-month high.
Bitcoin (BTC) rallied to a two-month high earlier in today’s session, as prices climbed above the $19,000 mark.
Following a low of $17,995.20 on Thursday, BTC/USD moved to a peak of $19,031.80 earlier in the day.
As a result of the move, the world’s largest cryptocurrency climbed to its strongest point since November 8, when price was above $20,000.
BTC/USD – Daily Chart
Looking at the chart, the rally came as the 14-day relative strength index (RSI) rose to a peak of 82.00, which was its highest mark in over a year.
In addition to this, the upwards trend on the 10-day (red), and 25-day (blue) moving averages continued to mature, thus extending bullish momentum.
Despite this, prices are now well beyond overbought, which could mean that bears are lurking and preparing for reentry.
ETH/USD hit an intraday high of $1,432.28 in today’s session, which comes less than a day after trading at a bottom of $1,378.42.
As with bitcoin, this spike in price has pushed ethereum to its highest point since November 8, when it hit a high of $1,580.
ETH/USD – Daily Chart
From the chart, prices of ETH are now deep in overbought territory, with the RSI index tracking at a level of 75.54.
Earlier gains have already begun to slip, as previous bulls have begun taking profits in anticipation of a reversal in momentum.
As of writing, ETH/USD is trading at $1,410.60.
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Could we see ETH hit $1,500 this weekend? 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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