BTC, ETH Move Past Key Resistance Levels On Tuesday – Market Updates Bitcoin News
Bitcoin traded at its highest level in five days on Tuesday, as prices surged past a key resistance point. Ethereum also rose to a similar milestone earlier in today’s session, as cryptocurrency markets continue to move away from recent bearish sentiment. At the time of writing, the global market value is trading 0.38% higher.
Bitcoin
Bitcoin moved to a five-day high on Tuesday as bearish sentiment gradually began to ease.
BTC/USD hit an intraday high of $19,667.00 earlier in today’s session, following up from Monday’s low of $19,427.00.
The move saw prices climb beyond a key resistance point at $19,550, hitting their strongest point since Friday in the process.
Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) continues to trade above the 48.50 ceiling.
At the time of writing, the index is trading at 51.18, but some former bulls have liquidated their positions, with prices now trading slightly lower at $19,584.52.
Despite this slight price decline, bulls will likely continue to aim for $20,000, which has not been hit since October 6.
Ethereum
In addition to BTC, ethereum (ETH) was mostly higher on Tuesday as the token continued to trade above $1,300.
After a low of $1,315.31 to start the week, the token rallied past a key ceiling, en route to today’s high of $1,339.09.
The $1,330 ceiling has been largely in place for the past fortnight, but ETH/USD has been moving lower since the earlier breakout.
The world’s second-largest cryptocurrency is now hovering just below today’s high of $1,326.75.
As with bitcoin, ETH bulls have retreated somewhat, as market uncertainty increased near the resistance level.
Should bulls overcome this current turbulence, the next target for ethereum traders will likely be a ceiling near the $1,380 region
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Could Ethereum move lower after failing to hold above its current resistance? Leave your thoughts in the comments below.
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