Bitcoin Breaks Through Key Resistance Zone, Ethereum Surges Past $2,290
Bitcoin's recent surge has been significant, but it also poses risks. The cryptocurrency has broken through several resistance levels to reach around $71,950, a nearly 4% increase in one session. However, this move puts Bitcoin squarely in its most crucial resistance zone, the $71,500-$72,500 range.
The breakout is technically significant, but it also means that momentum has been stretched, with the daily RSI surging to about 79, entering overbought territory. This increases the likelihood of volatility and profit-taking following such a swift move. A daily close above $72,000 would significantly improve Bitcoin's structure.
Ethereum, on the other hand, has produced an even more aggressive breakout, breaking through several resistance levels to reach around $2,290. It broke above the short-term moving averages and attacked the long-term moving average, which served as a significant dynamic barrier during the overall decline. However, momentum is also a concern, with the RSI surging to about 83, well above the typical overbought threshold.
Hyperliquid has produced one of the best breakouts among major altcoins, rising around 3.4% on the current daily candle and momentarily surpassing $74. The action pushes HYPE back toward the upper limit of the trading range established following its rally in June. However, momentum has been stretched, with the daily RSI surging to about 74.
Near Protocol is making an effort to improve, but its technical standing is still far inferior to that of Hyperliquid. After making a strong comeback from the $1.58-$1.60 range, NEAR is currently trading at around $1.73, with the daily RSI rising to about 54.