BTC, ETH Rebound as Global Markets React to Pelosi Visit to Taiwan – Market Updates Bitcoin News
Bitcoin and Ethereum were both trading higher on Wednesday as global financial markets reacted to tensions caused by US House Speaker Pelosi’s visit to Taiwan. Gold prices fell by nearly $40 late on Tuesday, after securing a one-month high, while the S&P 500 also faced a turbulent session.
Bitcoin
Bitcoin (BTC) traded higher on Wednesday, as prices of the token rebounded after five consecutive days of decline.
After a low of $22,710.08 during Tuesday’s session, the world’s largest cryptocurrency rose to a high of $23,446.87 earlier today.
This rise comes as bulls were able to prevent a breakout from a support point at $22,600 yesterday, which would likely have triggered a move towards $20,000.
However, as global markets react to even more geopolitical tensions, volatility appears set to push bitcoin back towards its recent resistance level.
This point is at the $24,200 region, and could be the next target for BTC bulls, if today’s momentum extends beyond the rest of the week.
Price strength has also picked up again, with the 14-day Relative Strength Index (RSI) hovering above the floor of 53, which currently sits at 56.
Ethereum
In addition to bitcoin, ethereum (ETH) was also back in the green, as crypto markets have returned bullish momentum.
ETH/USD moved to an intraday high of $1,672.63 during today’s trading session, which is over $1,000 higher than yesterday’s low of $1,570.09.
Like BTC, today’s rebound comes as bulls quickly recaptured a $1,620 support level on hump day, following a false breakout on Tuesday.
Since then, pressure has increased and, as with bitcoin, the 14-day RSI has moved below a separate support point.
At the time of writing, the relative strength index now stands at 61.61, after its own floor of 58 was tested by bears during yesterday’s selloff.
Should both of these floors hold, it is likely that we could see ETH move towards $1,800 in upcoming sessions this week.
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Will ethereum continue to rally after today’s rise in prices? Leave your thoughts in the comments below.
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