Bitcoin gained more than $2,000 over the past 24 hours as investors responded to Jerome Powell’s bullish remarks from the United States Federal Reserve Chair. Speaking yesterday, Powell stated, “We need to act now, forthrightly, strongly as we have been doing.” Ethereum also surged, moving above $1,700 on Friday.
Bitcoin
Bitcoin (BTC) rose rapidly during today’s session, as markets responded to bullish comments from Jerome Powell.
Speaking on Thursday, the Fed Chair hinted at further rate hikes, stating that, “My colleagues and I are strongly committed to this project and we will keep at it until the job is done.”
This hawkish comment caused cryptocurrency prices to soar, with Bitcoin/USD reaching an intraday record of $21,080.49, on Friday.
This rally came days after token traded at $18,527.71. That was the lowest level BTC has seen in the past two months.
Bitcoin trades at the highest level since August 26th, with bulls aiming for a $21,600 ceiling.
At the time of writing, relative strength (RSI) for 14 days is at 52.29. It is now its highest level in just over a month.
Ethereum
In addition to bitcoin, the world’s second largest cryptocurrency, ethereum (ETH), also surged on Friday following Powell’s comments..
The ETH/USD pair reached a record high of $1711.84 today as it broke through a critical resistance level.
Following a low of $1,594 on Thursday, ETH struggled to break out of its ceiling at $1,615, however that changed earlier in today’s session.
Ethereum rose above the resistance and has now broken another ceiling of $1,700.
ETH traded at $1.705.95 (as of the writing) which marks its highest price since August 25, when it suffered a similar burst.
Bulls are likely to increase their pressure to surpass the August peak, and possibly target $1,800 to do so.
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