Bitcoin, Ethereum Technical Analysis: BTC Surges Above $27,000 as Bulls Return Ahead of Upcoming FOMC Meeting

Bitcoin pushed previous the $27,000 degree on Monday, as markets ready for the upcoming Federal Reserve rate of interest resolution. Bullish sentiment was in full power in at this time’s session, regardless of the prospect of one more price hike. Ethereum was additionally larger to begin the week.

Bitcoin

Bitcoin surged to a multi-week excessive on Monday, as merchants started to anticipate the upcoming Federal Reserve assembly.

BTC/USD rallied to an intraday excessive of $27,222.98 earlier in at this time’s session, following a low of $26,415.52 the day prior.

As a results of the transfer, bitcoin climbed to its strongest level since August 31, when worth peaked at $27,576.

Despite the rise in momentum, bulls is probably not happy, and are seemingly focusing on a ceiling on the $28,000 mark.

Monday’s achieve comes because the relative energy index (RSI) jumped previous a ceiling of 53.00, and is now residing at 58.25.

A resistance degree of 60.00 will seemingly be the subsequent main goal for bulls at the moment available in the market.

Ethereum

Ethereum (ETH) additionally moved larger to begin the week, as merchants rejected a breakout beneath the $1,600 level.

Following a low of $1,609.96 on Sunday, ETH/USD rose to an intraday excessive of $1,653.07 earlier within the day.

This has resulted in ethereum surging to its highest level up to now ten days, closing in on a current resistance of $1,660 within the course of.

Although worth energy in ETH has additionally surpassed an impediment of its personal, it’s on the cusp of colliding with one other on the 50.00 mark. The index at the moment sits at a studying of 49.61.

It is probably going {that a} breakout above this mark may lead ETH again above $1,700.

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