Bitcoin traded above $28,000 on Monday as the cryptocurrency extended its bullish week. This upward sentiment was attributed to a coordinated move by the Federal Reserve and other major central banks to boost liquidity in the market. Ethereum continues to trade near $1,800.
Bitcoin
Bitcoin (BTC) opened the week above $28,000 as the market reacted to the deepening global banking crisis.
Credit Suisse was taken over by rival UBS, which the Swiss authorities orchestrated, leading to coordinated action by several major G7 central banks.
BTC/USD rose to an intraday peak of $28,527.72 during the day after trading as low as $27,196.76.
As a result, bitcoin has climbed to its highest level since last June, with many expecting it to exceed $30,000.
Overall, this surge has put the price into overbought territory, with the 14-day Relative Strength Index (RSI) currently hovering at 72.73.
The next resistance point appears to be at 75.00, which, if hit, could bestrong; BTCis at 30,000.
Ethereum
Meanwhile, Ethereum (ETH) consolidated its recent gains in Monday’s session as prices fell below $1,800.
Following the day’s high of $1843.84,ETH/USD fell to a bottom of $1744.86 at the end of the week.
This decline comes just days after Ethereum bulls appeared to have secured recent gains,with ETHrising to its highest level since last August.
Overall, some are attributing the decline to the RSI falling below its long-term ceiling of 66.00.
As of this writing, the index is hovering at 63.74, with a floor of 62.00 a possible bear target.
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