BTC Climbs to $17,000 as Weaker USD Overshadows SBF’s Cryptic Tweets – Market Updates Bitcoin News
Bitcoin traded marginally higher on November 15 as the US dollar continued to weaken, falling to multi-month lows against several G7 currencies. The drop in the dollar overshadowed tweets from FTX’s Sam Bankman-Fried, who cryptically tweeted “What happened” to his 1 million followers.
Bitcoin
Bitcoin (BTC) climbed back above $17,000 on Tuesday, as the US dollar weakened on reports that the Federal Reserve could be set to reverse its hawkish policy.
After a low of $16,267.33, BTC/USD rallied to an intraday high of $17,109.32 earlier in today’s session.
The weaker dollar was a catalyst for the move, as markets appeared to have ignored it cryptic tweets from Sam Bankman-Fried.
Looking at the chart, BTC appears to have settled on a floor (for now) at $15,800, using this as a springboard to secure subsequent higher highs.
BTC has since moved back below $17,000 as the 14-day relative strength index (RSI) approached a key resistance level of 39.00.
Bulls may have trouble extending these recent gains unless the index moves past this upcoming hurdle.
Ethereum
In addition to bitcoin, ethereum (ETH) also rallied, with prices moving closer to the $1,300 region.
ETH/USD rose to a high of $1,284.22 on Tuesday, which comes less than 24 hours after trading at a low of $1,214.10.
The world’s second largest cryptocurrency has now risen for the second session in a row, despite recent bearish sentiment.
Overall, market sentiment remains bearish, with the 10-day (red) and 25-day (blue) moving averages still trending lower.
As with BTC above, the RSI here is near a ceiling of its own at 43.00, with traders starting to exit positions as a result.
At the time of writing, ETH/USD is trading at $1,265.79, which is marginally below the previous highs.
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Is there still a possibility that Ethereum will fall below $1000 this week? Leave your thoughts in the comments below.
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