BTC Back Above $20,000 As Markets Rebound – Market Updates Bitcoin News
Bitcoin was back above $20,000 on Tuesday as bulls apparently moved in to buy after the latest drop in price. The token fell to a multi-week low over the weekend, but prices have now rallied in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600.
Bitcoin
Bitcoin (BTC) traded higher for a second session in a row, as the token climbed back above $20,000 after recent declines.
BTC/USD fell to a low of $19,600.79 on Sunday, but after two days of gains, prices hit a high of $20,542.64 earlier today.
This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark.
Looking at the chart, Tuesday’s rally has come as the Relative Strength Index (RSI) rebounded from its own floor to start the week.
The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above the ceiling at 38.00.
Should this week’s uptrend continue, the index is likely to reach a higher resistance point at 41.50, which would be enough to send prices above $20,800.
Ethereum
Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to one-month lows.
Over the weekend, ETH/USD hit a low of $1,427.73, which is the weakest point since July 26, and takes prices close to a key floor of $1,420.
However, gains yesterday – and so far in today’s session – have sent the token to an intraday high of $1,600.46.
This sees the world’s second largest cryptocurrency rise by almost 10% from a low of $1,448.13 on Monday.
At the time of writing, ETH continues to trade above a key support point at $1,550, and this comes as the RSI approaches a potential hurdle.
A ceiling of 50.00 awaits the index, which is currently trading at 47.00, which could potentially see bears return to the market, putting an end to the recent rallies.
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