Bitcoin hit a nine-month high on Friday as the price climbed above the $27,000 level. The jump comes after the US Federal Reserve’s decision to hold back a record $152.9 billion in distressed banks. Ethereum was also in the green in today’s session.
bitcoin (B T c) moved back above $27,000 in today’s session, as markets reacted to the Federal Reserve’s decision to pump liquidity into the US economy.
After Thursday’s low of $24,624.74, B T c/USD reached an intraday high of $27,002.39 at the beginning of the day.
As a result of this move, bitcoin climbed to its strongest point since June 2022, when the price was above $28,500.
Since this latest rally, the 10-day (red) moving average is now on the verge of an upside crossover with its 25-day (blue) counterpart, which many see as a sign of a longer-term bull run .
Besides, the 14-day Relative Strength Index (RSI) has broken above a resistance at 67.00, moving into the overbought zone in the process.
At the time of writing, the index is tracking at 70.09, which is the strongest reading for the index since early February.
Additionally, Ethereum (ETH) also climbed higher in today’s session, moving above the $1,700 level.
ETH/USD touched a high of $1,766.55 earlier in today’s session, which comes less than 24 hours after hitting a low of $1,644.54.
The move saw the world’s second-largest cryptocurrency move above the $1,720 price range recently.
similar to B T cIt appears that an upside cross between the 10-day (red) and 25-day (blue) moving averages is on the cards.
An obstacle for this cross would be the upcoming ceiling of 65.00 on the RSI, which is currently trading at 62.86.
should it proceed from this point, it is highly likely ETH Will be trading above $1,800.
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Can Ethereum reach $1,800 this weekend? Leave your thoughts in the comments below.
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Credit : news.bitcoin.com