BTC above $21,000 as ETH hits new 2-month high – market updates

Bitcoin rose to a new two-month high on January 14 as crypto markets were significantly higher on Saturday. The world's largest cryptocurrency jumped above $21,000 as prices rose for the sixth straight day. Ethereum traded above $1,500 to start the weekend, also hitting its strongest point since November.

Bitcoin

Bitcoin ( Bitcoin ) rose for the sixth consecutive day at the start of the weekend as prices rose above $21,000.

Bitcoin /USD climbed to a high of $21,054.38 earlier in today's session after prices hit a low of $18,793.66 on Friday.

This price increase caused Bitcoin to gain up to 10% in the last 24 hours, reaching its strongest point since November 5th.

Looking at the chart, the rally came as the 14-day relative strength index (RSI) continued to rise. It is now tracking 89.22.

Typically, a level of 70.00 is considered overbought, and with this pressure representing the highest level in two years, we are deep in bear territory.

When price becomes overbought, many expect bearish sentiment to increase as traders begin to short the market.

ether

ether ( ETH ) also hit a two-month high in today's session, with the price remaining in the green for the seventh consecutive day.

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, this rally sent the world's second-largest cryptocurrency to its highest level since November 5th.

Overall, Ethereum is now trading over 23% higher in the last seven days.

The move comes as the 10-day moving average (red) has extended a crossover of its 25-day counterpart (blue).

Despite this bullish momentum at the start of the weekend, many are still expecting some reversals in the next few days.

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

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. He was previously a brokerage director and online trading instructor. He currently serves as a commentator on various asset classes including crypto, stocks and forex, while also being the founder of a startup.

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