Bitcoin has rallied more than $2,000 in the past 24 hours, as markets reacted to upbeat comments from US Federal Reserve Chairman Jerome Powell. Speaking yesterday, Powell declared, “We need to act now, as candidly, as forcefully as we did.” Ethereum also surged, breaking above $1,700 on Friday.
Bitcoin (BTC) rose rapidly in today’s session, as markets reacted to upbeat comments from Jerome Powell.
Speaking on Thursday, the Fed chair hinted at further rate hikes, saying, “My colleagues and I are strongly committed to this project and we will keep it until the work is complete.” Fort.”
As a result of these hawkish comments, the cryptocurrency price has increased, with BTC/USD is racing to an intraday high of $21,080.49 on Friday.
The rally comes days after the token traded as low as $18,527.71, which is the lowest point BTC achieved in two months.
Bitcoin is currently trading at its highest level since August 26, with bulls appearing to be targeting a higher ceiling of $21,600.
As of writing, the 14-day relative strength index (RSI) is tracking at 52.29, which is its strongest point in nearly a month.
In addition to bitcoin, the world’s second largest cryptocurrency, ethereum (ETH), also spiked on Friday following Powell’s comments..
ETH/USD rallied to a high of $1,711.84 earlier today, which occurred when the token broke through a key resistance point.
Following Thursday’s low of $1,594, ETH struggled to break out of the ceiling at $1,615, however that changed earlier in the session today.
Ethereum not only rallied above the aforementioned resistance but also broke another ceiling at $1,700.
When writing, ETH is trading at $1,705.95, which is the strongest since August 25, following a similar breakout.
To break above the peak seen in late August, the bulls will likely need to ramp up their pressure, possibly targeting $1,800 in the process.
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Could we see ethereum hit $1,800 this weekend? Leave your thoughts in the comments below.
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