Top Cryptos Surge After Fed Cut: Bitcoin Sets New ATH, Ethereum and Ripple Hold Key Gains

 

Bitcoin (BTC) surged to a new all-time high (ATH) of $76,849 after the U.S. Federal Reserve announced a 25 basis point (bps) rate cut. Ethereum (ETH) and Ripple (XRP) also broke through key resistance levels, indicating potential rallies ahead.

Bitcoin Hits New ATH Near $77,000

Bitcoin’s price surpassed its previous ATH of $73,777 from March, reaching $76,400 on Wednesday, before setting a fresh ATH of $76,849 on Thursday. Currently, on Friday, it trades around $75,900. If Bitcoin maintains its upward trend, it could aim for the 141.40% Fibonacci extension level, calculated from July’s high of $70,079 to August’s low of $49,072, around $78,777.

The Moving Average Convergence Divergence (MACD) indicator signals further upward potential with a bullish crossover on Wednesday’s daily chart, as the MACD line (blue) crossed above the signal line (yellow), suggesting a buying opportunity.

However, the Relative Strength Index (RSI) sits at 70, close to overbought territory, and points downward, suggesting a possible pullback. If BTC loses momentum and drops below $73,777, it may fall further to retest the psychological level of $70,000.

Ethereum Bulls Show Renewed Strength

Ethereum’s price found support around $2,342 on Monday and rallied over 20%, breaking above the $2,820 resistance by Thursday. Currently, it trades around $2,911 on Friday.

If $2,820 holds as a support level, ETH could see an additional 11% rally, targeting the weekly resistance near $3,236.

The MACD also suggests a bullish outlook for Ethereum, with a crossover on Thursday’s daily chart as the MACD line (blue) crossed above the signal line (yellow), issuing a buy signal. Additionally, the RSI is at 68 and trending upward, indicating strengthening bullish momentum.

 

 

 

 

 

 

 

 

 

 

 

Paraphrasing text from "FXSTREET"all rights reserved by the original author.