BTC Back Above $20,000 As Bulls Return To Crypto Markets – Market Updates Bitcoin News
After a turbulent start to the week, bitcoin was back in the green on Tuesday, as the token climbed back above $20,000. The move saw prices crash to their highest point in nearly two weeks, bypassing a key resistance level in the process. Ethereum also traded higher as it neared the $1,400 level.
Bitcoin
Bitcoin (BTC) neared a two-week high on Tuesday, as the token bounced back from a recent bearish period.
After a low of $19,006.11 to start the week, BTC/USD rallied to an intraday high of $20,294.34 on Tuesday.
This is the highest point at which the token has traded since September 14, and is marginally above a resistance level of $20,250.
At the time of writing, BTC is still trading slightly above this ceiling, with the 14-day relative strength index (RSI) also tracking above a similar threshold.
Currently, the index is at a reading of 52.72, which is above its own resistance level of 49.00.
Should price strength continue to move in an upward direction, we could see BTC back above $21,000 in the coming days.
Ethereum
On Tuesday, ethereum (ETH) also traded higher, with the world’s second largest cryptocurrency heading back towards the $1,400 level.
ETH/USD rose to a high of $1,395.31 earlier in the day, which is the highest point the token has hit in the last five days.
The move came after a breakout of recent resistance at $1,335, with the RSI also moving past a ceiling of its own.
In this case, it was 39.50 points, which had been a major obstacle to prices rising in the past week.
At the time of writing, the index is following 45.00, which is another resistance point, but bulls have so far maintained their positions, despite the increased uncertainty.
Many expect Ethereum to rise past the $1,400 mark at some point in today’s session, with the $1,410 level a possible starting point.
Register your email here to get weekly price analysis updates delivered to your inbox:
Could we see Ethereum rise towards $1500 this week? 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.
