Bitcoin ended a losing streak of two days on Thursday as the price of cryptocurrency recovered at its key support level. Market price volatility is due to global inflation that continues to hover near historical highs. Ethereum was also back in the green in today’s session.
Following two days of consecutive declines, bitcoin (BTC) rose higher in today’s session, moving away from its recent floor below $19,000.
On Wednesday, the world’s largest cryptocurrency fell to an intraday low of $18,971.46, however the token rebounded earlier today.
So far in Thursday’s session, BTC/USD has hit a peak of $19,280.68 as the bulls rejected a breakout below a key floor of $18,900.
The relative strength index (RSI), 14-days, also moved closer towards its floor at 43.70. But, this has changed since.
The index currently tracks at 45.68. As of this writing, 48.00 is the nearest point of support.
This level will be met and bitcoin trading could resume at $19 600 in the days ahead.
Ethereum (ETH), which traded above $1,300, also returned to green Thursday.
The ETH/USD traded at $1,304.90, a higher level than the $1,275.32 low it reached earlier in the day.
Like with bitcoin above, today’s rebound in price came as bears failed to break out of a key support level of $1,270.
Market volatility is evident, but traders will be looking for a rebound to the resistance level.
This is the ceiling at $1,330, but there wasn’t enough pressure from bulls to go beyond it.
This must be accomplished within the next few days by breaking the 46.80 ceiling on the RSI.
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