Bitcoin, Ethereum Technical Analysis: BTC Surges Above $27,000 as Bulls Return Ahead of Upcoming FOMC Meeting
Bitcoin pushed past the $27,000 level on Monday, as markets prepared for the upcoming Federal Reserve interest rate decision. Bullish sentiment was in full force in today’s session, despite the prospect of yet another rate hike. Ethereum was also higher to start the week.
Bitcoin surged to a multi-week high on Monday, as traders began to anticipate the upcoming Federal Reserve meeting.
BTC/USD rallied to an intraday high of $27,222.98 earlier in today’s session, following a low of $26,415.52 the day prior.
As a result of the move, bitcoin climbed to its strongest point since August 31, when price peaked at $27,576.
Despite the rise in momentum, bulls may not be satisfied, and are likely targeting a ceiling at the $28,000 mark.
Monday’s gain comes as the relative strength index (RSI) jumped past a ceiling of 53.00, and is now residing at 58.25.
A resistance level of 60.00 will likely be the next major target for bulls currently in the market.
Ethereum (ETH) also moved higher to start the week, as traders rejected a breakout below the $1,600 point.
Following a low of $1,609.96 on Sunday, ETH/USD rose to an intraday high of $1,653.07 earlier in the day.
This has resulted in ethereum surging to its highest point in the past ten days, closing in on a recent resistance of $1,660 in the process.
Although price strength in ETH has also surpassed an obstacle of its own, it is on the cusp of colliding with another at the 50.00 mark. The index currently sits at a reading of 49.61.
It is likely that a breakout above this mark could lead ETH back above $1,700.
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