Saturday, September 30, 2023

Late on Tuesday, Bitcoin’s value surged past the $30,000 mark, influenced by Moody’s decision to downgrade several small and mid-sized U.S. banks, including State Street, Northern Trust, and Bank of New York Mellon. Ethereum also saw a slight increase.

Bitcoin (BTC) momentarily jumped over the $30,000 threshold, responding to the Moody’s announcement. After dipping to a low of $29,261.66 earlier, it surged to a high of $30,176.80 during the session. This marked its peak since July 20, when it reached $30,421. Despite some slipping, as of the time this article was written, it’s trading at $29,791.72.

One factor that might have contributed to Bitcoin’s rise is a breakout at the 52.00 resistance level on the relative strength index (RSI), which is now at 55.39 and approaching an upper limit of 57.00.

In contrast, Ethereum (ETH) experienced more modest gains, reaching a peak of $1,873.85 after an earlier drop to $1,831.08. Though it was Ethereum’s strongest position since the previous Wednesday, it was insufficient to elevate the price over $1,900.

The recent upswing in Ethereum’s price met resistance at 50.00 on the RSI, where it currently lingers. To approach the $1,900 area, this resistance will have to be overcome first.

The article concludes by inviting readers to sign up for weekly price analysis updates and encouraging them to comment on whether more market bulls will rejoin the trading after Moody’s downgrading of U.S. banks.

Frequently Asked Questions (FAQs) about fokus keyword Bitcoin

What caused Bitcoin to surge above $30,000?

The surge in Bitcoin’s value above $30,000 was influenced by the news that rating agency Moody’s had downgraded several U.S. small and mid-sized banks, including institutions like State Street, Northern Trust, and Bank of New York Mellon.

How did Ethereum’s price react to the Moody’s downgrade?

Ethereum’s price also rose, albeit more modestly in comparison to Bitcoin. It peaked at $1,873.85, after an earlier drop to $1,831.08, but the increase was not enough to send the price back above $1,900.

What are the technical details mentioned for Bitcoin’s price movement?

Bitcoin’s price movement included a breakout at the 52.00 resistance level on the relative strength index (RSI), now tracking at 55.39 with a ceiling at 57.00 upcoming. It raced to a high of $30,176.80 and was trading at $29,791.72 at the time of writing.

Is there a resistance level mentioned for Ethereum?

Yes, the latest rally in Ethereum’s price met with a resistance point at 50.00 on the RSI, where it continues to sit. To make a move towards the $1,900 zone, this ceiling on the RSI will need to be broken first.

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