Bitcoin, Ethereum Technical Analysis: BTC Edges Closer to Fresh 1-Year High Above $31,000

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Bitcoin moved back above the $31,000 level on July 4th, as U.S. traders celebrated the Independence Day holiday. As a result of the rally, the cryptocurrency remained near a one-year high in today’s session. Ethereum consolidated after Monday’s gains.

Bitcoin

Bitcoin (BTC) moved closer to a fresh one-year high on Tuesday, as U.S. markets closed in celebration of the July 4th holiday.

Following a low of $30,586.51 to start the week, BTC/USD raced to an intraday peak of $31,375.61 earlier in the session.

The move saw bitcoin edge closer to last Friday’s high at $31,443, which was its strongest point since June last year.

Earlier momentum has since faded, as the relative strength index (RSI) collided with a resistance level at 70.00.

The index is now tracking at 68.43 and appears to be heading for a support point at the 66.00 mark.

Should it reach this point, there is a strong possibility that bitcoin will be trading around the $30,500 level.

Ethereum

After moving towards $2,000 on Monday, ethereum (ETH) slipped in today’s session, falling below $1,950.

ETH/USD dropped to a bottom at $1,949.15 earlier in the day, less than 24 hours after peaking at $1,974.78.

The world’s second-largest cryptocurrency has since rebounded and is once again closing in on a multi-month high.

In order to get there, ETH bulls will need to take price strength above an upcoming ceiling at the 64.00 zone.

Currently, the RSI has a reading of 62.59, which is its highest level since April 19, when the price was above $2,100.

Some believe that ETH could head back toward this point in the coming weeks.

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Will markets rally after U.S. traders return from the July 4th holiday? Leave your thoughts in the comments below.