After four sessions of declining bitcoin, the cryptocurrency rallied on Monday and Tuesday as reports emerged that Russia had begun withdrawing troops from Ukraine’s border. Crypto markets have risen by close to 5% over the course of the day.
Bitcoin
BTC finally rebounded during Tuesday’s session, as bulls once again re-entered the race to $45,000.
Yesterday’s $41,928.19 low was followed by an intraday peak of $44,331.96. Most people now expect further price increases.
Today’s rally came as prices moved away from support which was close to $41,000, helped by the increase in momentum.
The momentum grew as the 10-day short-term moving average (red), seems to have shifted away from its horizontal track and is now trending upward.
Additional to that, yesterday’s outlined resistance 56.43 was broken by the Relative Strength Index (RSI). This is a significant obstacle in allowing bulls to re-enter.
Now, the RSI has reached 61. But, a new challenge could lie ahead at the 65.20 level.
This aside, it appears that the sky is clear and bitcoin’s price will fly towards resistance at $45,000
Ethereum
Ethereum prices were also higher Tuesday due to bulls pushing them above $3,000
The intraday high of 3,115.69 was achieved by ETH/USD today as it broke through its resistance of $3,000.022.
As of the writing of this article, ETH was more than 6% higher. Meanwhile, the 14-day RSI moved beyond 51.64. It is four points shy of the next point.
Today’s move comes following a low of $2,867.31 to start the week, however with this new-found momentum, ethereum bulls could likely be targeting the $3,300 region.
Similar to BTC, the 10-day moving average seems to have been boosted by today’s swing, which will likely give bulls further confidence.
Can today’s momentum continue throughout the week? Comment below to share your views.
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