BTC rebounds after bullish comments from Elon Musk – Market Updates Bitcoin News
Bitcoin started the week trading below $17,000 as volatility in the cryptocurrency space continued to intensify. After last week’s collapse of FTX, account withdrawals have increased, with more customers choosing to remove tokens from exchanges. However, strong comments from Twitter CEO Elon Musk have helped boost prices. Ethereum stayed below $1,300 on Monday.
Bitcoin
Bitcoin (BTC) started the week trading below $17,000 as market volatility remained high, following last week’s collapse of FTX.
Since FTX’s bankruptcy, the market has struggled to find support, with BTC trading close to this point in today’s session.
BTC fell to a low of $15,872.94 earlier in today’s session, before rising to a high of $16,864.76.
The move away from the current $15,800 support came as Twitter CEO Elon Musk gave his views on the token.
In response to a tweet from Jason Calacanis, Musk tweeted: “BTC will make it, but it could be a long winter.”
As can be seen from the chart above, price strength has also rebounded since this tweet, with the 14-day relative strength index (RSI) now moving higher, towards a ceiling of 39.00.
Ethereum
Ethereum (ETH) traded below $1,300 for a third day in a row, which comes after recent uncertainty in the market.
Despite starting the day and week with a low of $1,178.43, ETH/USD recovered marginally and climbed above $1,200.
The world’s second largest cryptocurrency rose to an intraday high of $1,267.48, which is over 2% higher than previous lows.
Looking at the chart, the rise in price has also seen the RSI climb higher, with the index now hovering below a ceiling of 43.00
For ETH to extend today’s wave and move above $1,300, this resistance point will likely need to be broken.
Overall, Ethereum is currently down as much as 20% from the same time last week.
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