Bitcoin Surges to Multi-Week High Ahead of Federal Reserve Meeting
Bitcoin has experienced a significant surge, reaching a multi-week high on Monday as traders anticipate the upcoming Federal Reserve meeting. BTC/USD rallied to an intraday high of $27,222.98, surpassing the previous day’s low of $26,415.52. This surge has propelled bitcoin to its strongest point since August 31 when it peaked at $27,576.
Bulls Eyeing $28,000 Ceiling
Despite the increase in momentum, bulls are not yet satisfied and have set their sights on the $28,000 mark as their next target. The relative strength index (RSI) has climbed past a ceiling of 53.00 and currently stands at 58.25. Bulls in the market are likely aiming for a resistance level of 60.00 as their next major goal.
Ethereum Rebounds Above $1,600 Support Level
Ethereum (ETH) has also seen an upward movement at the start of the week after traders rejected a breakout below the $1,600 point. Following a low of $1,609.96 on Sunday, ETH/USD rose to an intraday high of $1,653.07 today. This surge has brought ethereum to its highest point in the past ten days and it is closing in on the recent resistance level of $1,660.
Breaking Through Obstacles
While ethereum’s price strength has surpassed one obstacle by staying above $1,600, it is now approaching another hurdle at the 50.00 mark on the index which currently sits at a reading of 49.61. A breakout above this mark could potentially push ethereum back above $1,700.
Hot Take: Bitcoin and Ethereum Surge Ahead of Key Events
Both bitcoin and ethereum have experienced significant surges, reaching multi-week highs. Bitcoin’s rally comes in anticipation of the upcoming Federal Reserve meeting, while ethereum’s rebound is attributed to traders rejecting a breakout below the $1,600 support level. With bulls eyeing higher resistance levels, it remains to be seen how these cryptocurrencies will perform in the coming days.
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