Bitcoin traded higher for the second consecutive session on Tuesday for the first time in over two weeks. ETHalso rose in today’s session as bulls continued to re-enter the market.
Bitcoin
BTCtraded higher for the second consecutive session Tuesday as the market continues to move away from recent lows.
Price hit an intraday peak of $21,387.65 earlier today’s session, less than a day after trading at a low of $19,905.48.
Today’s price spike seesBTC/USD rose continuously for the first time since the beginning of the month.
Bulls have re-entered the market with relative force in recent sessions, as some believe prices have hit bottom.
Looking at the chart, further lows may await, especially if the 14-day RSI returns to its recent low of 19
This could seeBTCprices close to a low of $15,000, but the bulls will fight to prevent this from happening.
Ethereum
also rose for the second consecutive session on Tuesday following its recent lows.
The world’s second-largest cryptocurrency rose to an intraday high of $1168.80 earlier, as prices moved back above $1000 on Monday.
Tuesday’s peak was nearly $300 higher than last weekend’s low, withETHtrading close to $850 for the first time since January 2021.
At the time of writing,ETH/USD is currently trading near a new resistance level around $1170 The RSI is also hovering near the ceiling.
Despite these gains, price strength is somewhat subdued and unless we see a significant spike in the RSI, we may not see a near-term rally.
However, a breakout, if it occurs, would likely be a bullish target forETHThe bullish target for ETH would be the $1700 point, which currently appears to be acting as resistance.
Image credit: Shutterstock, Pixabay, Wiki Commons