Posted on: 21. March 2023 Posted by: admin Comments: 0

• Bitcoin is trading above $28,000 on Monday, as cryptocurrencies extend a bull run to start the week.
• Ethereum continues to trade close to $1,800 after hitting its highest point since last August.
• The Federal Reserve and other major central banks made coordinated moves to enhance market liquidity.

Bitcoin Starts Week Above $28K

Bitcoin (BTC) was trading above $28,000 on Monday, extending a bull run that began with news of coordinated action by the Federal Reserve and other global central banks. This move aimed at enhancing market liquidity comes as Credit Suisse was bought out by rival UBS in a move engineered by Swiss authorities. BTC/USD hit an intraday peak of $28,527.72 earlier today, which follows a low of $27,196.76 recorded on Sunday. Trading at its strongest point since last June, many are now expecting BTC to soon break the $30k mark due to the overbought sentiment indicated by the 14-day relative strength index (RSI), currently tracking at 72.73 with 75.00 being the next visible resistance level for bitcoin bulls.

Ethereum Close To $1,800

Ethereum (ETH) was consolidating recent gains during Monday’s session as prices fell below $1,800 following Sunday’s high of $1,843.84 and intraday bottom of $1,744.86 which opened the week’s trading session for ETH/USD pairings. Ethereum bulls appear to be securing recent gains with some attributing this decline to the RSI falling below a long-term ceiling at 6600 mark – currently tracking at 63.74 with 62 being a possible target for bears should this decline continue further downwards towards that value level in support of ETH price actions against US Dollar markets this week so far..

Rally Boosts BTC Price To Overbought Territory

The rally has sent bitcoin into overbought territory – as indicated by its 14-day relative strength index (RSI). The index is now tracking at 72.73 and should it reach 75 or higher there is a strong chance BTC will be testing levels above 30k before long if current momentum holds steady through coming days ahead according to technical analysis charts from various brokers providing their insights into near term price action expectations across crypto markets globally right now..

Analysis Of Market Movements The rise of bitcoin has been interpreted as markets responding positively to news that several G7 central banks took coordinated measures in order to enhance market liquidity; while Ethereum’s drop may have been caused due its RSI level falling below 6600 mark – which indicates bearish sentiments and suggests lower values may be expected short term if current trend persists and no bullish reversal happens anytime soon according traders paying close attention these developments more closely than ever before..

Conclusion: Predictions For Upcoming Weeks Ahead? Overall both cryptocurrencies have seen positive uptrends recently despite some minor fluctuations throughout this past trading week so far – leaving many wondering what upcoming weeks ahead might bring for Bitcoin & Ethereum price movements respectively? Will we see ethereum hit 2k & bitcoin break 30k barrier in January 2021? Only time will tell but sentiment looks good so far!