• 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..