Bitcoin has risen over $2,000 in the past 24 hours as markets reacted to bullish comments from US Federal Reserve Chairman Jerome Powell. Speaking yesterday, Powell said: ‘We must act now, frankly, strongly, as we have done. Ethereum also jumped above $1,700 on Friday.
Bitcoin (BTC) rose rapidly during today’s session as markets reacted to bullish comments from Jerome Powell.
Speaking on Thursday, the Fed Chairman hinted at further rate hikes, saying “My colleagues and I are firmly committed to this project and we will continue until the job is done.”
Following these hawkish comments, crypto prices surged, with BTC/USD hitting an intraday high of $21,080.49 on Friday.
The rally comes days after the token was trading at a low of $18,527.71, which was the lowest point BTC had hit in two months.
Bitcoin is now trading at its highest level since August 26, with bulls apparently targeting a higher ceiling of $21,600.
As of this writing, the 14-day Relative Strength Index (RSI) sits at 52.29, its strongest point in almost a month.
In addition to bitcoin, the world’s second-largest cryptocurrency, ethereum (ETH), also surged on Friday following Powell’s comments.
ETH/USD hit a high of $1,711.84 earlier today as the token broke above a key resistance point.
After bottoming out at $1,594 on Thursday, ETH struggled to break out of its high at $1,615, but that changed earlier in today’s session.
Ethereum rallied past not only the aforementioned resistance, but has since breached another high at $1,700.
As of this writing, ETH is trading at $1,705.95, which is its highest level since August 25, following a similar breakout.
In order to overcome the spike seen in late August, the bulls will likely need to step up their pressure, eventually 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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