Bitcoin and Ethereum Surge to New Highs Following US Federal Reserve Decision
Bitcoin (BTC) and Ethereum (ETH) surged to new highs on Friday following the US Federal Reserve’s decision to backstop embattled banks to a record tune of $152.9 billion.
BTC/USD raced to an intraday peak of $27,002.39 earlier in the day, climbing to its strongest point since June 2022, when price was above $28,500. This latest rally saw the 10-day (red) moving average move towards an upwards crossover with its 25-day (blue) counterpart, which many see as a sign of a longer-term bull run. The 14-day relative strength index (RSI) also broke out of a resistance level at 67.00, moving into overbought territory in the process.
ETH/USD hit a high of $1,766.55 earlier in today’s session, which comes less than 24 hours after hitting a bottom at $1,644.54. The move saw the world’s second largest cryptocurrency move past a recent price ceiling at $1,720. An upwards cross between the 10-day (red) and 25-day (blue) moving averages is on the cards, with the RSI currently tracking at 62.86.
The surge in prices of both Bitcoin and Ethereum is a sign of investor confidence in the digital asset market, and could be a sign of further gains in the near future. Could Ethereum hit $1,800 this weekend? Only time will tell.