Bullish sentiment returned to Bitcoin after yesterday’s sell-off – Market Update Bitcoin News


After yesterday’s price drop, bitcoin was flat during the Thursday session, with prices hovering marginally below $21,000. Bulls trying to take BTC Back towards the resistance level that was breached due to the heavy selling on Wednesday.

Bitcoin

BTC It was trading marginally below $21,000 on Thursday, as prices rebounded slightly after the hump-day dips.

After Wednesday’s low of $1,988.08, BTCThe US dollar rose to an intraday high of $2,0835.75 earlier in today’s session.

This move comes as it appears that the bulls are about to once again break out of the current resistance at $21,100, which was in place last week.

Bitcoin and Ethereum Technical Analysis: BTC Bullish Return After Yesterday's Short Selling
BTC/ USD – daily chart

Hope for a break will be boosted by the fact that the 14-day RSI has crossed its resistance level.

As can be seen from the chart, after nearly ten days of reluctance to give way, the 30.50 ceiling has finally been broken.

It appears that the next visible resistance level is 36.60 points. Should we see the relative force move to this point, BTC Can trade above $22,000.

Ethereum

ETH It was also back in the green on Thursday, after it appeared to be overcoming Wednesday’s hump of uncertainty.

Prices of the world’s second largest cryptocurrency soared to an intraday high of $1,119.61, which comes less than a day after dropping nearly below $1,000.

As a result of the price bounce today, the bulls will likely try to maintain this momentum, with some eyeing a major resistance point.

Bitcoin and Ethereum Technical Analysis: BTC Bullish Return After Yesterday's Short Selling
ETH/ USD – daily chart

This ceiling is at $1,190, which is the main obstacle that can stop it ETH From back to $1200.

Overall, the momentum looks bullish, with the RSI tracking at its highest level in almost two weeks..

As of this writing, the index is tracking at 32, with the next resistance level at 35.85.

Do you expect the bullish momentum to increase towards the end of the week? Put your thoughts in the comments below.

Eliman Dambel

Eliman offers an eclectic view of market analysis, having served as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




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