Bitcoin, Ethereum Technical Analysis: BTC Surges to $45,000, as Russia Considers Accepting the Crypto for Oil & Gas – Market Updates Bitcoin News

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Bitcoin moved past its $45,000 price ceiling, after it was reported that the Russian government was considering accepting it as payment for energies. The news sent BTC to a 24-day high, whilst ETH also climbed to a five-week peak.

Bitcoin

BTC was trading almost 5% higher on Friday, as markets reacted to the news that Russia was considering accepting it as payment for oil and gas.

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Following a low of $42,753.56 during Thursday’s session, BTC/USD climbed to an intraday high of $45,046.08 on Friday.

This is the highest price bitcoin has hit in 24 days and comes following a breakout of the $42,500 resistance level.

BTC/USD – Daily Chart

Friday’s rally sees bitcoin prices climb for the fourth consecutive session, gaining over 11% in that time period.

The move pushed price strength beyond its own ceiling, as the 14-day RSI moved past its resistance level of 62.33, and now tracks at 63.83.

Should this run continue, and BTC move beyond $46,000, it would reach its highest level in almost four months.

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Ethereum

ETH was not to be left behind on Friday, as the world’s second-largest cryptocurrency also surged to a multi-week high.

Ethereum climbed to an intraday high of $3,183.96 during today’s session, which is the highest point at which it has traded since February 10.

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Today’s gains means that ETH has now climbed for 11 of the last 12 sessions, gaining over 15% within that period.

ETH/USD – Daily Chart

Looking at the chart, should this bullish strength persist, we could be looking at $3,300 as the price ceiling.

However, the RSI now tracks at 66.6, as it continues to hover in overbought territory, which could be an obstacle to further gains.

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Could we see further highs this weekend for both ETH and BTC? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Author: Eliman Dambell


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