Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000 as Cryptos Rebound

Following a weekend trading below $20,000, bitcoin rallied by over 10% on Monday to recapture this level. Cryptocurrencies were mainly in the green to start the week, as bulls seemingly bought the weekend’s dip. ETH was almost 15% higher in today’s session.

Bitcoin

Bitcoin rebounded from recent drops to start the week, as prices were once again trading above the $20,000 level.

Following a low of $19,232.30 during Sunday’s session, BTC/USD has rallied to an intraday high of $20,913.32 on Monday.

This rally saw the world’s largest crypto token regain momentum, after falling to its lowest level since December 2020 over the weekend.

Despite today’s gains in price, BTC still remains in a downward slope, and is down 15% from its value at the same point last week.

As of writing, prices are now trading close to a recent support point of $20,500, as bulls chose to secure gains, rather than hold onto positions following earlier highs.

This coincided with the 14-day RSI hitting its own resistance level at 29, which has historically stifled attempted rallies in price.

Ethereum

ETH was trading below a key level over the weekend, however it also managed to surge in today’s session.

Monday saw ethereum rise by nearly 15% at its peak, hitting an intraday high of $1,159.99 in the process.

ETH fell to a low of $885 during the weekend, which is the lowest point prices have hit since January 2021.

Similar to BTC, ethereum encountered a stumbling block in today’s session, as bulls fled their positions as the RSI reached a point of resistance.

This is the 30.20 ceiling, and this coincided with another resistance around the $1,150 point, which has seemingly acted as an exit zone.

As of writing, prices are currently trading at $1,130, which comes as bulls avoided remaining in trades close to these areas of uncertainty.

Will ETH fall below $1,000 at any point this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/TkiwbUE
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more