Bitcoin rose above $20,000 Tuesday after bulls appeared to have moved in, apparently in order to buy the cryptocurrency following the recent drop in its price. Although prices fell in the past week, they have been rising for back-to-back days. Ethereum also briefly recovered $1,600, which was in the green.
Bitcoin (BTC). The token rose above $20,000 after recent falls and traded higher.
The BTC/USD fell to $19,600.79 Sunday. However, after two days, the prices reached an all-time high of $20,542.64 today.
Five days after dropping below $20,800 this move saw bitcoin try to move again towards the key support/resistance level at $20,800.
Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week.
The RSI climbed to a support at 29.00. It is currently tracking at a 38.20 reading, slightly higher than its 38.00 ceiling.
Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.
Ethereum (ETH), which was also affected by bitcoin’s volatility, saw its price drop to an all-time low of one month.
Over the weekend, ETH/USD fell to $1.427.73. It is now at its lowest level since July 26th.
However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46.
This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday.
As of this writing, ETH is trading above $1,550 as a support point, even though its RSI has begun to edge towards a hurdle.
An index ceiling of 50.00 is expected. The current track at 47.00 could see bears return to the market and put an end the recent rallies.
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