BTC hovers just over $ 20,000, while cryptocurrency continues – market updates Bitcoin news
BTC traded higher on the hump day, as the bullish momentum picked up as the week went on. Prices once again tested a key resistance level above $ 20,000, with ETH also hovering around a separate ceiling during Wednesday’s session.
Bitcoin
Bitcoin traded in the green most of Wednesday’s session, as the bullish pressure continued to intensify.
After a low of $ 19,341.23 on Tuesday, the BTC / USD was up over $ 1,000 from that point earlier today.
Prices peaked at $ 20,635.47 during the session, surpassing the $ 20,500 resistance in the process.
As of Tuesday, gains have slowed somewhat following a collision with this level of resistance, with bitcoin now trading at $ 20,219.85 at the time of writing.
But should bulls finally overcome this point, we can see BTC move closer to a higher ceiling of $ 22,000.
This run can begin when we see an eruption of the current resistance level of 38.20 on the 14-day RSI indicator.
Ethereum
ETH was also marginally higher on Wednesday, as prices continued to trade above $ 1100 after yesterday’s rise.
At the time of writing, the ETH / USD has risen to an intraday high of $ 1,162.40 on the hump day, which is marginally above its own ceiling.
This short-term resistance at the $ 1150 level has been in place for the past seven days, but bulls seem to go beyond this.
Previous gains on Wednesday have since declined, with ETH now trading at $ 1,146.38 at the time of writing.
One reason behind the current volatility is the fact that relative strength continues to hover below a ceiling of 42.
If price power eventually moves past this obstacle, it is likely that we will see an influx of bulls that will appear to take prices closer to $ 1300.
Can we see an eruption of the RSI ceiling this week? Leave your thoughts in the comments below.
Photo 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 a recommendation 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 liable, directly or indirectly, for any damage or loss caused or alleged to have been caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.
