BTC Starts Week Above $28,000 As Global Banking Crisis Worsens – Market Updates Bitcoin News
Bitcoin traded above $28,000 on Monday as cryptocurrencies extended a bull run to start the week. This bullish sentiment comes as the Federal Reserve and other major central banks made coordinated moves to increase market liquidity. Ethereum continues to trade near $1,800.
Bitcoin
Bitcoin (BTC) started the week trading above $28,000 as markets reacted to the deepening global banking crisis.
The coordinated action by several major G7 central banks comes as Credit Suisse was bought out by rival UBS, a move engineered by Swiss authorities.
BTC/USD jumped to an intraday high of $28,527.72 earlier today, which comes a day after trading at a low of $27,196.76.
As a result of the rally, bitcoin climbed to its strongest point since last June, with many now expecting a move above $30,000.
Overall, this increase has sent prices into overbought territory, with the 14-day relative strength index (RSI) now trailing at 72.73.
The next visible resistance point appears to be at 75.00 and should this be hit, there is a high chance that BTC will be at $30,000.
Ethereum
On the other hand, ethereum (ETH) consolidated recent gains during Monday’s session as prices fell below $1,800.
After a high of $1,843.84 on Sunday, ETH/USD fell to a low of $1,744.86 to start the week.
This drop comes as ethereum bulls looked set to secure a fresh rally, days after ETH rose to its highest point since last August.
Overall, some attribute the decline to the RSI, which fell below a long-term ceiling at the 66.00 mark.
At the time of writing, the index is tracking at 63.74, with a floor of 62.00 a possible target for bears.
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Can ethereum reach $2000 and bitcoin reach $30000 this month? Leave your thoughts in the comments below.
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