BTC Back Above $20,000, USD Hits 2-Week Low – Market Updates Bitcoin News
Bitcoin was back above $20,000 on Tuesday, as the US dollar fell to its lowest point in two weeks against several G7 currencies. The stronger dollar has affected the purchasing power of cryptocurrencies, and commodities such as crude oil, which last week fell to nine-month lows. Ethereum was also up, hitting a five-day high.
Bitcoin
Bitcoin (BTC) briefly rose above $20,000 on Tuesday as the US dollar continued to fall against other major currencies.
This has resulted in the world’s largest cryptocurrency climbing to a high of $20,071.20 earlier in today’s session.
Today’s high is the strongest point BTC/USD has traded at since September 30, marginally below a ceiling of $20,200.
As can be seen from the chart, earlier bulls retreated from the market as BTC approached the aforementioned resistance point.
Overall, the rally began after a breakout of another point of uncertainty, this being the 49.00 ceiling on the Relative Strength Index (RSI).
The index is now trailing at 52.22, which is slightly below a resistance of 53.00, and this appears to be another reason why BTC has fallen from its previous high.
Ethereum
Like BTC, ethereum (ETH) also rose to a five-day high in today’s session, moving above a key resistance level in the process.
After a low of $1,294.41 to start the week, ETH/USD rallied to an intraday high of $1,355.89 earlier in the day.
The move saw Ethereum break out of the $1,330 ceiling, with the 14-day RSI also moving past a resistance point.
Looking at the chart, the indicator rose above the ceiling of 41.50, and at the time of writing it is following at 44.82.
This is the strongest reading for the index since September 15, when ETH traded at a high of $1,470.
To move back towards these levels, the RSI needs to break out of an upcoming ceiling of 45.00.
Register your email here to get weekly price analysis updates delivered to your inbox:
Could we see ethereum reach $1400 before the end of the day? Leave your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
