Cryptocurrencies traded higher to start February, ETH is trading close to 10% higher, with bitcoin gaining almost 4% today.
Bitcoin, which fell by as much as $16,000 last month, has recently started to regain some steam, climbing by over 11% in the last week./USD hitting an intraday high of $39,026.79, its highest level since January 21st.
Today’s move saw its 14-day RSI climb above the resistance level of 40, and is currently racking at 41, which is the highest price strength has recorded in the last 20-days. As a result of this rally, prices have marginally broken out of the long-term descending triangle channel, with many now expecting an imminent rise to $40,000.Looking at the chart above, although the RSI has moved past the level of 40, there still appears to be significant resistance at current levels, which could potentially cause some bulls to tread carefully.was also higher to start the new month, and was one of the big movers within the top 10 ranked cryptocurrencies.
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