BTC and ETH Rebound as Global Markets Respond to Pelosi’s Visit to Taiwan – Bitcoin News Market Update


Bitcoin and Ethereum both traded higher on Wednesday, as global financial markets reacted to tensions stemming from US House Speaker Pelosi’s visit to Taiwan. Gold fell around $40 late Tuesday, after locking in a one-month high, while the S&P 500 also faced a turbulent session.

Bitcoin

Bitcoin (BTC) was trading higher on Wednesday, as the coin’s price rebounded after five consecutive days of declines.

After dropping $22,710.08 during Tuesday’s session, the world’s largest cryptocurrency climbed to $23,446.87 earlier today.

The rally comes as the bulls managed to prevent a breakout from the $22,600 support point yesterday, which could likely lead to a move towards $20,000.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound As Global Markets React to Pelosi's Visit to Taiwan
BTC/ USD – daily chart

However, as global markets respond to more geopolitical tensions, it looks like volatility is on the cusp of pushing Bitcoin to its latest resistance level.

This point is in the $24,200 region, and it could be the next target for BTC The bulls, today’s momentum should extend throughout the remainder of the week.

Price strength rebounded as well, with the 14-day RSI hovering above its low at 53 and currently tracking at 56.

Ethereum

In addition to Bitcoin, Ethereum (ETHIt is also back in the green, after bullish momentum has returned to the cryptocurrency markets.

ETHThe US dollar rose to an intraday high of $1,672.63 during today’s trading session, which is $1,000 higher than yesterday’s low of $1,570.09.

is similar to BTCToday’s bounce comes as the bulls quickly reclaimed the $1,620 support level on a hump day, after Tuesday’s false breakout.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound As Global Markets React to Pelosi's Visit to Taiwan
ETH/ USD – daily chart

Since then the pressure has increased, and just as with Bitcoin, the 14-day RSI has moved below its own support point.

As of this writing, the RSI is now tracking at 61.61, after its 58th floor was tested by the bears during yesterday’s sell-off.

If both floors continue, we can probably see it ETH Moving towards $1800 in the coming sessions this week.

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Will Ethereum continue to rise after the price recovery today? Put your thoughts in the comments below.

Eliman Dambel

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




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