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BTC Back Above $20,000 as Bulls Return to Crypto Markets – Market Updates Bitcoin News


After a volatile start to the week, bitcoin was back in the green on Tuesday, as the token rallied back above $20,000. The move saw the price race to a near two-week high, breaking through a key resistance level in the process. Ethereum is also trading higher, as it nears the $1,400 level.

Bitcoin

Bitcoin (BTC) neared a two-week high on Tuesday, as the token recovered from a recent drop in price.

Following the 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 the token has traded since September 14 and is slightly above the $20,250 resistance.

Bitcoin, Ethereum Technical Analysis: BTC Returns Above $20,000 As Bulls Return to Crypto Markets
BTC/USD – Daily Chart

When writing, BTC is still trading slightly above this ceiling, with the 14-day relative strength index (RSI) also tracking above the same threshold.

Currently, the index is sitting at 52.72, well above its own resistance level of 49.00.

If price power continues to move upwards, then 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 moving back towards $1,400.

ETH/USD rallied to a high of $1,395.31 early in the day, which is the highest point the token has reached in the past five days.

The move comes after a break of the recent resistance at $1,335, with the RSI also breaking through its own ceiling.

Bitcoin, Ethereum Technical Analysis: BTC Returns Above $20,000 As Bulls Return to Crypto Markets
ETH/USD – Daily Chart

In this case, it’s 39.50, which is a major obstacle to the price rally over the past week.

As of writing, the index is tracking at 45.00, which is another resistance point, however, the bulls have so far maintained their positions, despite increased uncertainty.

Many expect ethereum to rally past the $1,400 mark at some point in today’s trading session, with $1,410 being a possible exit point.

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Could we see ethereum rally to $1,500 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, formerly a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes, including Crypto, Stocks and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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