Bitcoin crossed above $20,000 again on Tuesday as the US dollar fell to a two-week low against several G7 currencies. A stronger dollar has affected the purchasing power of cryptocurrencies, with commodities such as oil falling to nine-month lows last week. Ethereum also rallied, hitting a five-day high.
Bitcoin
Bitcoin (BTC) briefly rose above $20,000 on Tuesday as the US dollar continued to fall against other major currencies.
This resulted in the world’s largest cryptocurrency rising to a peak of $20,071.20 earlier in today’s session.
Today’s high is the strongest point at whichBTC/USD is trading at its strongest point since September 30, just below the $20,200 ceiling.
As you can see from the chart, asBTCapproached the aforementioned resistance point, the previous bulls exited the market.
Overall, the rally began after another uncertain point, this one breaking through the upper limit of 49.00 on the Relative Strength Index (RSI).
The index is now tracking at 52.22, which is slightly below the 53.00 resistance, which appears to be another reason forBTCfell from its previous highs.
ethereum
as didBTCas ethereum (ETH) also made a 5-day high in today’s session and in the process topped a key resistance line.
After a weekly low of $1,294.41,ETHalso rallied, with ETH59} ETH/USD rising to an intraday high of $1,355.89.
This move confirmed that Ethereum broke through the $1,330 ceiling and the 14-day RSI also moved above the point of resistance.
The chart shows the indicator has surpassed the 41.50 ceiling and is tracking at 44.82 at the time of writing.
This is the strongest reading for the indicator since September 15 when the ETHwas trading as high as $1,470.
To move back toward these levels, the RSI needs to break out of the upcoming ceiling of 45.00.
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