Bitcoin
Bitcoin has bounced back above the $28,000 level after Grayscale’s court victory against the Securities and Exchanges Commission. The cryptocurrency reached a peak of $28,089.34, its highest point since August 17. However, profit-taking has caused the price to decline to $27,353.52. The relative strength index (RSI) reached a ceiling of 53.00 before falling to 48.52.
Main Breakdowns:
- Bitcoin surpasses $28,000 following court win
- Price reaches its highest level since August
- Profit-taking causes decline
- RSI falls from its peak
Ethereum
Ethereum has also seen a rise in price, with ETH/USD reaching above $1,700. The cryptocurrency hit an intraday high of $1,742.64, close to a resistance level of $1,750. However, the rally has lost momentum, and the price strength is now at a reading of 46.85 on the RSI. If profit-taking continues, bears may reenter the market.
Main Breakdowns:
- Ethereum price breaks above $1,700
- Price reaches highest level in two weeks
- Resistance level of $1,750 near
- Price strength weakens
Hot Take
The recent court win for Grayscale and the subsequent rise in prices for Bitcoin and Ethereum show the resilience of the crypto market. However, profit-taking may lead to temporary declines. It will be interesting to see how the market reacts in the coming days, and whether bulls or bears will dominate.
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