Bitcoin moved to a new nine-month high on Friday, as prices moved above the $27,000 level. The rise follows the US Federal Reserve’s decision to support struggling banks to a record $152.9 billion. Ethereum was also in the green in today’s session.
Bitcoin
bitcoin (BTC) rose back above $27,000 in today’s session as markets reacted to the Federal Reserve’s decision to inject liquidity into the US economy.
After a low of $24,624.74 on Thursday, BTC/USD ran to an intraday high of $27,002.39 earlier in the day.
As a result of the move, bitcoin rose to its strongest point since June 2022, when the price topped $28,500.
Since this latest rally, the 10-day moving average (red) is now on the verge of an upcross with its 25-day counterpart (blue), which many see as a sign of a longer-term uptrend.
On top of this, the 14-day RSI has breached a resistance level at 67.00, moving into overbought territory in the process.
As of this writing, the index stands at 70.09, which is the strongest reading for the index since early February.
Ethereal
Also, ethereum (ETH) was also higher in today’s session, with prices moving back above $1,700.
ETH/USD reached a high of $1,766.55 earlier in the session today, which comes less than 24 hours after bottoming at $1,644.54.
The move sent the world’s second-largest cryptocurrency above a recent price high of $1,720.
Similar to BTCan upside crossover between the 10-day (red) and 25-day (blue) moving averages appears to be in the offing.
One hurdle for this cross will be the upcoming top of 65.00 on the RSI, which currently stands at 62.86.
If it moves beyond this point, it is very likely that ETH will trade above $1,800.
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