BTC Jumps to 6-Month High Above $24,000 – Crypto Updates Market Updates
Bitcoin surged above $24,000 on Feb. 2 as markets continued to react to the latest policy decision from the US Federal Reserve. On Wednesday, the central bank decided to raise rates by 25 basis points, while signaling that further hikes could be considered. Ethereum also bounced back, with prices nearing $1,700.
Bitcoin
bitcoin (BTC) hit a six-month high on Thursday, with prices topping $24,000 for the first time since August.
The move came as the Federal Reserve opted to raise interest rates by 25 basis points at its latest policy meeting.
Therefore, BTC/USD hit an intraday high of $24,167.21, less than 24 hours after hitting a low of $22,877.75.
Thursday’s surge saw the world’s largest cryptocurrency surge to its strongest point since August 16, when prices hit a high of $24,448.
This came as the 14-day Relative Strength Index (RSI) moved away from a recent low at 68.00 and is now trailing at 74.10.
If price strength continues on this path, a resistance level of 77.00 will likely be a target for current bulls.
Ethereum
Ethereum (ETH) also made significant gains in the past 24 hours as traders pushed prices near the $1,700 mark.
After bottoming out at $1,566.86 on Wednesday, ETH/USD hit a high of $1,689.07 earlier in today’s session.
This price rally saw Ethereum hit its highest level since September 12, when ETH peaked at $1,761.
Looking at the chart, today’s five-month high came as ETH broke its long-term price cap at $1,670.
Although a point of resistance has been broken, Ethereum bulls are rapidly closing in on another, with the Relative Strength Index (RSI) approaching a high at 68.00.
Currently, the index sits at 65.19, with early bulls likely to consider taking profits before a full collision occurs.
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BTC Jumps to 6-Month High Above $24,000 – Crypto Updates Market Updates
