Towards a new Bull Run: Bitcoin hits 6-month high above $24,000!

Bitcoin jumped above $24,000 on February 02, as markets continued to react to the latest policy decision by the U.S. Federal Reserve. On Wednesday, the central bank decided to raise rates by 25 basis points, while signaling that further increases could be on the cards. Ethereum also rallied, with prices near $1,700.

Bitcoin

Bitcoin hit its highest level in six months on Thursday, with prices surpassing $24,000 for the first time since August. The move came as the Federal Reserve chose to raise interest rates by 25 basis points at its latest policy meeting.

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As a result, BTC hit an intraday high of $24,167.21, less than 24 hours after trading at a low of $22,877.75.

BTC – Daily Chart

Thursday’s surge saw the world’s largest crypto-currency climb to its strongest point since August 16, when prices peaked at $24,448. This came as the 14-day Relative Strength Index (RSI) pulled away from a recent low at 68.00, and now tracks at 74.10.

If price strength continues on this path, a resistance level of 77.00 will likely be a target for current bulls.

Ethereum

Ethereum has also seen significant gains over the past 24 hours, with traders pushing prices near the $1,700 mark. After a low of $1,566.86 on Wednesday, ETH hit a high of $1,689.07 earlier in today’s session.

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The rally helped ethereum reach its highest level since Sept. 12, when it hit its high. ETH peaked at $1,761.

ETH – Daily Chart

Looking at the chart, today’s five-month high was reached as ETH broke out of its long-term price ceiling at $1,670. Although one point of resistance has been broken, ethereum bulls are rapidly approaching another, with the relative strength index (RSI) approaching a ceiling at 68.00.

Currently, the index is tracking at 65.19, with previous bulls likely to consider taking profits before a full collision occurs.

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