Bitcoin soared above $24,000 on February 2 as the market continued to react to the latest Federal Reserve policy decision. On Wednesday, the central bank moved to raise interest rates by 25 basis points, while signaling that more rate hikes are possible. Ethereum also rallied, with prices approaching $1,700.
Bitcoin
Bitcoin (BTC) rose to a six-month high on Thursday, sending prices above $24,000 for the first time since August.
The move came after the Federal Reserve opted to raise interest rates by 25 basis points at its latest policy meeting.
As a result,BTC’s/USD rose to an intraday high of $24,167.21 in less than 24 hours after trading as low as $22,877.75.
BTC
Thursday’s surge sent the world’s largest cryptocurrency to its strongest point since August 16, when prices peaked at $24,448.
This took place when the 14-day Relative Strength Index (RSI) left its recent floor at 68.00 and is currently tracking at 74.10.
If price strength continues on this course, the resistance level at 77.00 is likely the current bullish target.
Ethereum
Ethereum (ETH) also rallied significantly over the past 24 hours as traders moved the price closer to the $1700 mark.
Following Wednesday’s low of $1,566.86,ETHalso rallied, with ETH47} ETH/USD soaring to a peak of $1,689.07 earlier in today’s session.
This price rise moved Ethereum to its highest level since September 12, withETHhitting its high ETHtopped out at $1,761.
The chart shows today’s five-month high atETH broke through the long-term price ceiling at $1670.
One point of resistance has been broken, but the bullishness in Ethereum is rapidly approaching another point, with the Relative Strength Index (RSI) approaching a ceiling at 68.00.
Currently, the index is tracking at 65.19, and previous bulls may consider taking profits before a full crash occurs.
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