BTC Hits $27,000, Secures New 9-Month High – Market Updates

Bitcoin hit a fresh nine-month high on Friday as prices surged above the $27,000 mark. The surge follows the US Federal Reserve’s decision to provide a record $152.9 billion in support to troubled banks. Ethereum was also in today’s session in the green.

Bitcoin

Bitcoin (BTC) surged back above $27,000 in today’s session as markets reacted to the Federal Reserve’s decision to inject liquidity into the US economy.

After hitting a low of $24,624.74 on Thursday, BTC/USD raced to an intraday high of $27,002.39 earlier in the day.

As a result of the move, Bitcoin climbed to its strongest point since June 2022 when the price was above $28,500.

Since this recent rally, the 10-day moving average (red) is now on the verge of an upside crossover with its 25-day counterpart (blue), which many see as a sign of a longer-term bull run.

In addition, the 14-day Relative Strengthindex (RSI) broke above a resistance level at 67.00 and is now moving into overbought territory.

At the time of writing, the index is trading at 70.09, which is the strongest reading for the index since early February.

Ethereum

Additionally, Ethereum (ETH) is also up in today’s session, with prices surging back above $1,700.

ETH/USD hit a high of $1,766.55 earlier in today’s session, which was less than 24 hours after hitting a low of $1,644.54.

Thus exceeded the second largest cryptocurrency the world has a current price cap of $1,720.

Similar to BTC, an upward cross between the 10-day (red) and 25-day (blue) moving averages appears to be on the horizon.

A hurdle for this cross will be the upcoming 65.00 ceiling on the RSI, which currently stands at 62.86.

If it goes beyond that point, there is a high probability that ETH will trade above $1,800.

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Could Ethereum Reach $1,800 This Weekend? Leave your thoughts in the comments below.

Eliman Damell

Eliman was previously a director of a London based brokerage firm while also being an onlineTrading-Teacher. He currently comments on various asset classes including crypto, stocks and forex while also being the founder of a startup.

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