BTC Jumps To 6-Month High Above $24,000 – Market Updates Bitcoin News
Bitcoin rose above $24,000 on February 2, as markets continued to react to the latest US Federal Reserve policy decision. On Wednesday, the central bank moved to increase interest rates by 25 basis points, while signaling that further increases may be on the cards. Ethereum also rose, with prices approaching $1,700.
Bitcoin
Bitcoin (BTC) rose to a six-month high on Thursday, with prices climbing above $24,000 for the first time since August.
The move came as the Federal Reserve chose to raise interest rates by 25 basis points in its latest policy meeting.
As a result, BTC/USD surged to an intraday high of $24,167.21, less than 24 hours after trading to a low of $22,877.75.
Thursday’s surge saw the world’s largest cryptocurrency climb to its strongest point since August 16, when prices peaked at $24,448.
This took place as the 14-day relative strength index (RSI) moved away from a recent floor of 68.00, and is now trailing at 74.10.
Should price strength continue at this rate, a resistance level of 77.00 is likely to be a target for current bulls.
Ethereum
Ethereum (ETH) has also made significant gains over the past 24 hours, as traders pushed prices close to the $1,700 mark.
After a low of $1,566.86 on Wednesday, ETH/USD rallied to a high of $1,689.07 earlier in today’s session.
This price rally saw ethereum move to its highest mark since September 12, when ETH peaked at $1,761.
Looking at the chart, today’s five-month high came when ETH broke out of the long-term price ceiling of $1,670.
Although one resistance point has been breached, Ethereum bulls are quickly approaching another, with the relative strength index (RSI) nearing a ceiling of 68.00.
Currently, the index is trailing at 65.19, with former bulls likely to consider taking profits before a full-on crash occurs.
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