BTC Climbs to 2-Week High – Market Updates Bitcoin News

Bitcoin traded above $20,000 Wednesday as it remained close to its two-week peak. This week has seen more bullish sentiment in the cryptocurrency markets, as prices have risen after a downturn. Ethereum, on the other hand, was largely unchanged in today’s session.


Bitcoin (BTC), trading at above $20,000 once more, the token traded close to a two week high.

BTC/USD surged to a peak of $20,479 late in Tuesday’s session, which was its highest point since September 13.

Although prices were near the level of Wednesday’s close, they fell slightly after not being able to overcome a critical resistance point.

Bitcoin, Ethereum Technical Analysis: BTC Climbs to 2-Week High
BTC/USD – Daily Chart

The token slipped below this ceiling of $20,350 earlier today, and as of writing, is trading at $20,024.63, which remains higher than yesterday’s low of $19,917.91.

The chart shows that the 14-day relative strengths index (RSI), has dropped today. It now tracks at 52.45.

This is only marginally below a support level at 53.00. If the reading continues to decrease, BTC will most likely return below $20,000.


Ethereum (ETH), which was consolidating on Wednesday as it fell towards a support level of its own, was consolidating.

Following a high of $1,364.97 during yesterday’s session, ETH/USD dropped to an intraday low of $1,335.89 earlier in the day.

As a result of this slippage, the world’s second largest cryptocurrency moved back towards its floor of $1,330, a level which it broke out of less than 24 hours ago.

ETH/USD – Daily Chart

Looking at the chart, the decline appears to have come once the RSI failed to move beyond yesterday’s resistance of 44.90.

At the moment, price strength seems to be tracking at 43.67. It appears that it is heading towards a floor of 42.00.

If it arrives at its destination, there’s a good chance that the price of ethereum is less than $1,300.

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What do you think about the possibility of ethereum falling to $1,300 or less this week? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He currently acts as an analyst for various asset types, such as Crypto, Stocks and FX.

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