The volatility of cryptocurrency markets continued to be high Thursday as the markets consolidated following a recent red-wave. Bitcoin was back above $19,000 in today’s session, with ethereum also rebounding following recent losses. The global crypto market capitalization is currently up by 2.43% as of today’s writing
Bitcoin
Bitcoin (BTC) was trading higher on Thursday, as crypto markets marginally rebounded following yesterday’s sell-off.
The token rose to an intraday high of $19,688.34 earlier in today’s session, less than a day after trading at a low of $18,927.12.
Recent weeks have seen bitcoin volatility rise as markets react more strongly to higher inflation as well as stronger U.S. dollars.
It appears bulls have retraced their target of the resistance point at $20,300.
Most likely, the obstacles will be in the form the the 14-day relative strengths index (RSI), that is approaching a resistance at 49.50
The index currently tracks at 46.38. BTC is falling since earlier gains and trading as of writing at $19,440.82.
Ethereum
Like bitcoin, ethereum (ETH) was, relatively speaking, also back in the green in today’s session, as it moved above $1,300.
Wednesday’s drop in ETH/USD to $1.267.87 on Wednesday was brief. Bulls, however, took the token to an earlier high of $1.351.96.
The move sees the world’s second largest cryptocurrency race past a resistance of $1,330, however volatility in the market still remains.
ETH traded at $1,334.94, after hitting previous highs. Traders are trying to prevent the token falling below that floor.
This is due to the RSI reaching a ceiling at 41.00, which in turn has caused an increase in price uncertainty.
If the level of price strength is higher than this, we might see ethereum climb into next weekend.
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