When prices rose above $27,000 on Friday, Bitcoin reached a new nine-month high. The increase follows the U.S. Federal Reserve’s decision to provide a record-breaking $152.9 billion in support for troubled banks. In today’s session, Ethereum was also up.
In today’s session, Bitcoin (BTC) reclaimed the $27,000 milestone as the markets reacted to the Federal Reserve’s plan to inject money into the American economy.
BTC/USD accelerated to an intraday top of $27,002.39 earlier in the day after hitting a low of $24,624.74 on Thursday.
The action caused bitcoin to rise to its highest peak since June 2022, when the price was over $28,500.
During this most recent surge, the 10-day (red) and 25-day (blue) moving averages have been approaching an upward crossover, which many view as a signal to a longer-term bull run.
In addition, the relative strength index (RSI) for the 14 days has moved into the overbought territory after breaking through a resistance level at 67.00.
The index has reached its highest reading since early February at 70.09 as of the time of writing.
The price of Ethereum (ETH), which was previously trading above $1,700, also sharply increased today.
ETH/USD hit a high of $1,766.55 earlier in today’s session, less than 24 hours after hitting a bottom of $1,644.54.
The action allowed the second-largest cryptocurrency in the world to surpass a recent price cap of $1,720.
Similar to BTC, an upward cross between the 10-day (red) and 25-day (blue) moving averages appear to be imminent.
The RSI’s impending ceiling of 65.00, which is now tracking at 62.86, will be one obstacle for this cross.
Should it move beyond this point, it is highly likely that ETH will be trading above $1,800.