Volatility in the cryptocurrency market remained high on Thursday as the market began to consolidate after a recent red wave. Bitcoin is back above $19,000 for today’s session, while Ethereum is also rebounding after its recent losses. At the time of writing, the global crypto market size is up 2.43%
Bitcoin
Bitcoin (BTC) was trading higher on Thursday as the crypto market rebounded slightly following yesterday’s sell-off.
The token rose to an intraday high of $19,688.34 earlier in today’s session, less than a day after trading as low as $18,927.12.
Bitcoin volatility has increased in recent weeks as the market has reacted to rising inflation and a stronger dollar.
BTC
Looking at the chart, it appears that the bulls are once again targeting the $20300 resistance point, but face some obstacles to retake this point
The obstacle is the 14-day Relative Strength Index (RSI), which appears to be approaching resistance at 49.50. Currently, the index is tracking at 46.38 and. BTChas fallen from its previous gains and is trading at $19,440.82 at the time of writing.
Ethereum
Like Bitcoin, Ethereum (ETH) has also returned to the green, relatively, in today’s session, moving above $1300.
Wednesday sawETH {54 53} ETH/USD fall to a bottom of $1267.87, but this was short lived, with bulls taking the token to a high of $1351.96 earlier today.
The move means the world’s second-largest cryptocurrency is racing past $1,330 resistance, but market volatility remains.
Since its previous high,{69 ETHis currently trading at $1,334.94, and traders are hoping the tokenjust attempting to keep it below the floor above.
This coincides with the RSI hitting a ceiling at the 41.00 level, increasing price uncertainty.
If price strength moves above this level, we could see Ethereum continue to rise heading into the weekend.
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