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.
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.
Following a low of $1,609.96 on Sunday,
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
It is likely that a breakout above this mark could lead
Register your email here to get weekly price analysis updates sent to your inbox:
How would an interest rate hike impact crypto prices? Leave your thoughts in the comments below.