Bitcoin and Ethereum Rally to Two Month Highs on Bullish Momentum

• Bitcoin (BTC) surged to a fresh two-month high on Jan. 14, trading above $21,000.
• Ethereum (ETH) also hit a two-month high, trading above $1,500.
• Both cryptocurrencies saw strong bullish momentum, with prices rising for a sixth consecutive day.

On Saturday, January 14th, the crypto markets were on fire as Bitcoin (BTC) and Ethereum (ETH) both hit two-month highs. BTC/USD jumped above the $21,000 level, rallying for a sixth straight day. This surge in price saw bitcoin add as much as 10% to its value in the last 24 hours, hitting its strongest point since November 5 in the process.

The world’s second largest cryptocurrency, Ethereum (ETH) also experienced strong bullish momentum, with prices rising for a seventh consecutive day. ETH/USD moved to an intraday high of $1,558.25, which is its highest point since November 5. Overall, ethereum is now trading over 23% higher in the last seven days.

The bullish momentum for both Bitcoin and Ethereum was further reflected in their respective 14-day relative strength index (RSI) readings. The RSI for BTC is currently tracking at 89.22, which is its highest point in two years. For ETH, the 10-day (red) moving average extended a crossover of its 25-day (blue) counterpart.

The rally in Bitcoin and Ethereum has been supported by a surge of institutional interest in the crypto markets. With more large-scale investors getting involved, many analysts are expecting further upside in prices as we move into 2021. For now, it looks like the crypto markets are in a strong bullish trend and it will be interesting to see where prices go next.