Bitcoin hit a nine-month high on Friday, as prices surpassed the $27,000 level. The surge follows the U.S. Federal Reserve’s decision to support embattled banks with a record $152.9 billion. Ethereum is still in the green in today’s session.
Bitcoin
Bitcoin (BTC) rose above $27,000 in today’s session as the market reacted to the Federal Reserve’s decision to inject liquidity into the US economy.
Following Thursday’s low of $24,624.74,BTC/USD ran up to an intraday peak of $27,002.39 later in the day.
As a result, bitcoin rose to its strongest point since June 2022, when it exceeded $28,500.
Since this rise, the 10-day moving average (red) is on the verge of intersecting the 25-day moving average (blue) on the upside, which many see as a sign of a long-term bull market.
In addition to this, the 14-day Relative Strength Index (RSI) has broken through resistance at 67.00, moving into overbought territory in the process.
At the time of this writing, it is at 70.09, which is the strongest reading since early February.
Ethereum
Additionally, Ethereum (ETH) also soared in today’s session, with prices once again moving above $1700.
ETH/USD hit a high of $1766.55 earlier in today’s session, less than 24 hours after bottoming at $1644.54.
The move pushed the world’s second-largest cryptocurrency above its recent price ceiling of $1,720.
Similar toBTCappears to have an upward cross of the 10-day (red) and 25-day (blue) moving averages in the offing.
The hurdle for this cross would be the upcoming 65.00, the upper limit of the RSI, which is currently at 62.86.
A move above this point would most likely be atETHwhich would trade above $1,800.
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