Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy
Bitcoin (BTC) gained on Friday as the world’s largest cryptocurrency rebounded from Thursday’s losses. We see this sudden change despite the fact that crypto lender Genesis has filed for bankruptcy after the likes of FTX. BTC/USD If we look at it now, it managed to reach a high of $21,175.24 in today’s session and Thursday’s low of $0,689.88 and looking at the charts, today’s price rebounded because 14 daily Relative Strength Index (RSI) moved above the 80.00 mark. At the time of writing this index is at 80.40 level, the next visible resistance level is at 88.00 area. Many expect that bitcoin may be able to break out of the key resistance level of $21400 and make another attempt at it.
Apart from bitcoin, Ethereum ( ETH ) also rebounded during today’s session and its price seems to be moving away from recent lows while after Thursday’s low of $1,515.79, ETH /USD earlier in the day at $1,559.55. reached the summit. We see this bounce as Ethereum continues to move away from the current support point at the $1500 level and similar to bitcoin this move appears after a bounce on the Relative Strength Index, with recent price strength appears. Currently, the index is tracking at 74.64 level, which is marginally higher than the aforesaid floor at 70.00. ETH bulls can now target the $1,600 resistance.
