On Monday, the price of bitcoin soared near $28,000 as markets responded to the Securities and Exchange Commission's (SEC) decision not to appeal the Grayscale verdict. Graycale may now try to convert its bitcoin trust into an exchange-traded fund (ETF) as a result of the judgment. Today, Ethereum came closer to $1,600.
Bitcoin
On Monday, as markets responded to the SEC's decision not to appeal a court decision supporting Grayscale, Bitcoin (BTC) was on the verge of crossing the $28,000 barrier.
BTC/USD soared to a high of $27,968.93 early on in today's session, which follows a low of $26,817.89 on Sunday.
With today's action, bitcoin gained all of last week's losses and rose to its highest level since October 9.
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| BTC/USD--Daily Chart |
Early gains have now diminished, and the relative strength index (RSI) has been unable to advance over a 60.00 resistance level.
As of this writing, the price strength index is tracking at 58.98, with the price of one bitcoin currently sitting around $27,800.
In the ensuing hours and throughout the week, traders will probably take additional steps toward $28,000.
Ethereum
The price of Ethereum (ETH), which has increased for four straight sessions, was also up to start the week.
After hitting a low on Sunday at $1,550.88, ETH/USD surged to a high earlier in the day of $1,588.45.
After traders moved away from a breakout below a support level of $1,540 and toward a ceiling at $1,590, the current bull run began.
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| ETH/USD--Daily Chart |
As the session goes on, bulls may try to break through this ceiling, but in order to do so, the RSI's approaching ceiling of 48.00 will need to be broken.
The index is currently trading just below the aforementioned resistance level, at 46.18, as of this writing.
Do you think the mood we have now will stay the entire week? Post your opinions in the section below.