Bitcoin was trading above $28,000 on Monday as the cryptocurrency 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 improve market liquidity. Ethereum continues to trade near $1,800.
Bitcoin
bitcoin (BTC) began the week trading above $28,000 as markets responded to the deepening global banking crisis.
The coordinated action by several major G7 central banks comes as rival UBS bought Credit Suisse, a move engineered by Swiss authorities.
BTC/USD jumped to an intraday high of $28,527.72 today, which comes a day after trading at a low of $27,196.76.
As a result of the rally, bitcoin rose to its strongest point since last June, with many now anticipating a move above $30,000.
Overall, this rise has sent prices into overbought territory, with the 14-day RSI now at 72.73.
The next visible point of resistance appears to be at 75.00, and if it is reached, there is a strong possibility BTC It will be $30,000.
Ethereal
On the other hand, ethereum (ETH) consolidated recent gains during the session on Monday, as prices dipped 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 seemed to be locking in recent gains, days later ETH rose to its highest point since last August.
In general, some attribute the decline to the RSI, which fell below a long-term ceiling at the 66.00 mark.
At time of writing, the index stands at 63.74, with a floor at 62.00, a possible target for bears.
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Could Ethereum hit $2,000 and Bitcoin hit $30,000 this month? Leave your thoughts in the comments below.
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