Bitcoin Surges Towards $28,000 as SEC Decision Boosts Grayscale
Bitcoin (BTC) made significant gains on Monday, approaching the $28,000 level following the Securities and Exchange Commission’s (SEC) decision not to appeal a court ruling favoring Grayscale. BTC/USD reached a high of $27,968.93 earlier today, recovering from Sunday’s low of $26,817.89. This surge marks the strongest point for bitcoin since October 9 and has helped it regain all of last week’s losses.
The relative strength index (RSI) failed to break through the resistance level of 60.00, currently standing at 58.98 with bitcoin hovering around $27,800. However, traders are expected to continue pushing towards the $28,000 mark in the coming hours and throughout the week.
Ethereum Gains Momentum with Fourth Straight Session in the Green
Ethereum (ETH) also experienced positive movement at the start of the week, rising for a fourth consecutive session. After reaching a low of $1,550.88 on Sunday, ETH/USD surged to a peak of $1,588.45 earlier today. The upward trend began when traders rejected a breakout below the support level of $1,540 and instead moved towards a ceiling at $1,590.
In order to break this ceiling and continue its bullish run, Ethereum will need to surpass the resistance level of 48.00 on the RSI. Currently, the index is tracking at 46.18, slightly below that level.
Hot Take: Bitcoin and Ethereum Show Strength as Markets React to SEC Decision
Bitcoin and Ethereum have both demonstrated strength in response to the SEC’s decision regarding Grayscale. Bitcoin’s surge towards $28,000 indicates a strong recovery from last week’s losses, while Ethereum’s upward momentum continues with its fourth consecutive session in the green. Traders are optimistic about the potential conversion of Grayscale’s bitcoin trust into an exchange-traded fund (ETF), which could further boost the market. As these cryptocurrencies make significant gains, investors and traders should closely monitor their progress and consider the opportunities they present.
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