• Bitcoin (BTC) surged above $27,000 following the U.S. Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion.
• Ethereum (ETH) also rose and moved back above $1,700 in today’s session.
• The surge in prices pushed both BTC and ETH towards their strongest points since June 2022 and February 2021 respectively.
Bitcoin Surges Above $27,000
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. 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
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 while the 14-day relative strength index (RSI) has broken out of a resistance level at 67 moving into overbought territory in the process with an RSI reading at 70 at time of writing
Ethereum Moves Above 1,700
Ethereum (ETH) also surged higher in today’s session with prices moving back above $1,700 hitting an intraday peak of 1,766 earlier in today’s session coming less than 24 hours after hitting bottom at 1 644 54 In addition ETH also moved past it’s recent price ceiling at 1720
Similar to BTC it appears that an upwards cross between the 10 day red and 25 day blue moving averages is on cards but may face resistance from 65 00 RSI which is currently tracking at 62 86 if this level is surpassed then ETH could possibly trade beyond 1800
Other notable movers include LINK climbing above 7 while DOGE rebounds from recent lows all these are signs pointing towards further bullish momentum within crypto markets