Bitcoin and Ethereum both traded higher on Wednesday as global financial markets reacted to tensions from U.S. Speaker Pelosi’s visit to Taiwan. Gold prices fell nearly $40 late Tuesday after securing a one-month high, and the S&P500 was also volatile The P500 also had a tumultuous day, with the S&P500 trading down $40 to $40, and the S&P500 trading down $40 to $40.
Bitcoin
Bitcoin (BTC) traded higher on Wednesday as the token’s price rebounded after five straight days of declines.
After hitting a low of $22,710.08 during Tuesday’s session, the world’s largest cryptocurrency rose to a high of $23,446.87 earlier today.
This surge prevented the bulls from breaking out of the $22,600 support point yesterday, which would have likely triggered a move to $20,000.
BTC
However, volatility is set to push bitcoin back toward recent resistance levels as global markets react to further geopolitical tension
This point is in the $24,200 area and could be the next target forBTCbulls if today’s momentum extends through the rest of the week.
Price strength has also rebounded, with the 14-day Relative Strength Index (RSI) hovering above the lower limit of 53 and currently tracking at 56.
Ethereum
In addition to Bitcoin, Ethereum (ETH) is back in the green as bullish momentum returns to the crypto market.
similar to BTCas well asBTCToday’s rebound was due to the bulls’ quick retake of the $1620 support level on hump day after a false breakout on Tuesday.
The pressure then intensified and the 14-day RSI fell below its own support point, as did Bitcoin.
As of this writing, the Relative Strength Index is currently tracking at 61.61 after testing its own floor of 58 by the bears during yesterday’s selloff.
If both of these floors hold, it is possible we could seeETH move toward $1,800 in this week’s session.
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