BTC Hits $27,000, Secures New 9-Month High – Market Updates Bitcoin News
Bitcoin moved to a new nine-month high on Friday as prices moved above the $27,000 level. The increase comes as a result of the US central bank’s decision to freeze troubled banks to a record $152.9 billion. Ethereum was also in the green in today’s session.
Bitcoin
Bitcoin (BTC) surged 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 a low of $24,624.74 on Thursday, BTC/USD rallied to an intraday high of $27,002.39 earlier in the day.
As a result of the 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 upward crossover with its 25-day (blue) counterpart, which many see as a sign of a long-term bull run.
In addition to this, the 14-day relative strength index (RSI) has broken out of a resistance level of 67.00, moving into overbought territory in the process.
At the time of writing, the index is at 70.09, which is the strongest reading for the index since the beginning of February.
Ethereum
In addition, ethereum (ETH) also edged higher in today’s session, with prices moving back above $1,700.
ETH/USD hit a high of $1,766.55 earlier in today’s session, which comes less than 24 hours after bottoming out at $1,644.54.
The move saw the world’s second largest cryptocurrency pass a recent price ceiling of $1,720.
Like BTC, an upward crossover between the 10-day (red) and 25-day (blue) moving averages appears to be on the cards.
An obstacle to this cross will be the upcoming ceiling of 65.00 on the RSI, which is currently tracked at 62.86.
Should it move beyond this point, it is highly likely that ETH will trade above $1800.
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Could ethereum reach $1800 this weekend? Leave your thoughts in the comments below.
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