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.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.