BTC Briefly Moves Back Above $25,000 – Market Updates Bitcoin News
Bitcoin briefly moved back above $25,000 on Thursday as markets recovered from a volatile session the previous day. The potential collapse of Credit Suisse was somewhat averted, following an intervention by the Swiss National Bank, which has helped to calm the markets. Ethereum is largely consolidating in today’s session.
Bitcoin
Bitcoin (BTC) surged back above the $25,000 level in today’s session, as market volatility eased, as the Swiss National Bank moved to prevent a collapse of Credit Suisse.
After a low of $23,964.91 on Wednesday, BTC/USD rose to an intraday high of $25,240.62 earlier in the day.
As a result of the move, bitcoin once again broke out of a key resistance level at the $25,050 zone.
Overall, BTC is now trading 15% higher from the same point last week, with the 14-day Relative Strength Index (RSI) at its strongest point since February 20.
Currently, the index is tracking at 62.54, which is marginally below a resistance point at the 65.00 mark.
This ceiling remains the main obstacle preventing bitcoin bulls from rallying back towards a recent peak above $26,000.
Ethereum
Ethereum (ETH), on the other hand, was largely in the red, with prices falling back below the $1,700 mark.
ETH/USD hit a low of $1,616.63 earlier in today’s session, coming off a high of $1,701.43 the previous day.
As a result of today’s drop, the world’s second largest cryptocurrency moved below a key ceiling at the $1,675 point.
Looking at the chart, the decline came when the RSI failed to break out of a resistance level of 60.00.
At the time of writing, price strength is now tracked at 56.90, with the next visible support point at 55.00
In case bears land in this zone, there is a high chance that ETH will trade below $1600.
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Could Ethereum bounce back in the coming days? Leave your thoughts in the comments below.
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