4u Created
Image default
Crypto

BTC Back Above $19,000 as Volatility in Crypto Markets Intensifies – Market Updates Bitcoin News


Bitcoin snapped a two-day losing streak on Thursday, as prices of the cryptocurrency rebounded at a key point of support. The current price uncertainty in markets comes as global inflation continues to hover close to historical highs. Ethereum was also back in the green in today’s session.

Bitcoin

Following two days of consecutive declines, bitcoin (BTC) rose higher in today’s session, moving away from its recent floor below $19,000.

On Wednesday, the world’s largest cryptocurrency fell to an intraday low of $18,971.46, however the token rebounded earlier today.

So far in Thursday’s session, BTC/USD has hit a peak of $19,280.68 as the bulls rejected a breakout below a key floor of $18,900.

BTC/USD – Daily Chart

Looking at the chart, the relative strength index (RSI) of 14-days also moved closer to its own floor of 43.70, however the index has since moved away from this point.

As of writing, the index is tracking at 45.68, with the next visible point of support being the 48.00 mark.

Should this level be reached, we will likely see bitcoin back trading at a level of $19,600 in the coming days.

Ethereum

Ethereum (ETH) also returned to the green on Thursday, as the token was once again trading above $1,300.

ETH/USD climbed to a top point of $1,304.90 earlier today, which comes less than a day after hitting a low of $1,275.32.

Like with bitcoin above, today’s rebound in price came as bears failed to break out of a key support level of $1,270.

ETH/USD – Daily Chart

Although there is current turbulence in the market, traders who have entered the market today will likely be targeting a return to a recent resistance point.

This ceiling is the $1,330 mark, which was last reached on Tuesday, however there was not enough bullish pressure at the time to move beyond that point.

In order for this to take place in the coming days, a ceiling of 46.80 on the RSI must first be broken.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you believe the resistance will be broken in the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: 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 endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

Related posts

Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors – Regulation Bitcoin News

Ethereum Devs Successfully Complete Merge Shadow Fork With No ‘Client Incompatibility Issues’ – Technology Bitcoin News

Bitcoin of America Continues Rapid Expansion in 2022 – Sponsored Bitcoin News