Bitcoin crossed $20,000 again on Tuesday as bulls moved to buy following the recent price drop. The token fell to multi-week lows over the weekend, but prices have now risen in successive sessions. Ethereum was also in the green, briefly recovering $1,600.
Bitcoin
Bitcoin (BTC) is trading higher for the second consecutive session, with the token rising above $20,000 following its recent decline.
BTC/USD fell to a low of $19,600.79 on Sunday, but after two days of gains, prices reached a peak of $20,542.64 earlier today.
The move is an attempt by Bitcoin to head back toward the key support/resistance point of $20,800, five days after falling below this mark.
Looking at the chart, Tuesday’s rally comes as the relative strength index (RSI) rebounded from its own floor to start the week.
The RSI rose from a support point of 29.00 and is currently at 38.20, just above the 38.00 ceiling.
If the uptrend continues this week, the index is likely to reach a high resistance point of 41.50, which would be enough to push prices above $20,800.
Ethereum
Like Bitcoin, Ethereum (ETH) had a wild weekend, with prices hitting a one-month low.
Over the weekend,ETH/USD hit $1,427.73, its lowest price since July 26, close to a key bottom of $1,420.
But yesterday’s rally, and so far in today’s session, has taken the token to an intraday high of $1,600.46.
This indicates that the world’s second largest cryptocurrency has risen about 10% from its Monday low of $1,448.13.
At the time of writing,ETHcontinues to trade above a key support point at $1,550, which is attributed to its RSI approaching a potential hurdle.
A ceiling of 50.00 awaits the index, which is currently at 47.00, which could bring the bears back into the market and put a stop to the recent rebound.
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Image credits: Shutterstock, Pixabay, Wiki Commons
