Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 After Strong Chinese GDP Data
Bitcoin (BTC) soared above the $21000 mark on Tuesday as BAR reacted to China’s latest Gross Domestic Product data. According to data from the world’s largest economy, the GDP grew by three percent last year, which is more than the expected growth of 2.8%.
As a result, BTC/USD managed to reach a high of $21,360.87 earlier in the day, which also appears to have fallen to a low of $20,715.75 in less than 24 hours. Certainly this halving in today’s price has pushed bitcoin closer to a long-term resistance level of $21400. Certainly this range has been in place for the last 2 months and was marginally broken in the week. Now if we talk about the 14 day relative strength index then we see it near the upper limit of 90.00 and we see bitcoin to climb above $21400 and surely this ceiling needs to be broken first.
As for Ethereum, it also climbed higher in today’s session and the price briefly rallied above the $1600 level. After moving from a low of $1,529.57 to start the week, ETH/USD hit an intraday peak of $1603 in the early hours of the morning. The price has since fallen and the world’s largest cryptocurrency is trading at $1,569.75 as of writing. If we sum it up, the price seems to be moving towards bullish levels with a lot of buying and with this we can see that many expect a reversal.
The 14-day Relative Strength Index (RSI) is currently tracking at 83.84, which is its highest level since August 2020 when the price was trading on the downside below $1200. However it is still a long term bull and it looks likely that Ethereum could move into consolidation until core strength is seen in a more neutral zone. we can perfectly say that both of token are now a high return valuable money for investors.
