17 March 2023
Bitcoin moved to a fresh nine-month high on Friday, as prices moved above the $27,000 level. The surge comes following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion. Ethereum was also in the green in today’s session.
Bitcoin (BTC) rose back above $27,000 in today’s session, as markets reacted to the Federal Reserve’s decision to pump liquidity into the U.S. economy.
Following a low of $24,624.74 on Thursday, BTC/USD raced to an intraday peak of $27,002.39 earlier in the day.
As a result of the move, bitcoin climbed to its strongest point since June 2022, when price was above $28,500.
Since this latest rally, the 10-day (red) moving average is now on the verge of an upwards crossover with its 25-day (blue) counterpart, which many see as a sign of a longer-term bull run.
In addition to this, the 14-day relative strength index (RSI) has broken out of a resistance level at 67.00, moving into overbought territory in the process.
At the time of writing, the index is tracking at 70.09, which is the strongest reading for the index since early February.
Additionally, ethereum (ETH) also surged 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 hitting a bottom at $1,644.54.
The move saw the world’s second largest cryptocurrency move past a recent price ceiling at $1,720.
Similar to BTC, it appears that an upwards cross between the 10-day (red) and 25-day (blue) moving averages is on the cards.
One hurdle for this cross will be the upcoming ceiling of 65.00 on the RSI, which is currently tracking at 62.86.
Should it move beyond this point, it is highly likely that ETH will be trading above $1,800.
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Could ethereum hit $1,800 this weekend? Leave your thoughts in the comments below.
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