Bitcoin back above $20,000, bulls return to crypto markets!

After a rocky start to the week, bitcoin returned to the green on Tuesday, as the token climbed back above $20,000. The move saw prices reach their highest point in nearly two weeks, breaking through a key resistance level in the process. Ethereum also traded higher, approaching the $1,400 level.

Bitcoin

Bitcoin approached a two-week high on Tuesday, as the token rebounded from a recent period of decline. After a low of $19,006.11 earlier this week, BTC hit an intraday high of $20,294.34 on Tuesday.

This is the highest point at which the token has traded since September 14, and is slightly above a resistance level of $20,250.

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Technical analysis of bitcoin and ethereum: BTC rises back above $20,000 and the bulls return to the crypto-currency market.
BTC – Daily Chart

Bitcoin is still trading slightly above this ceiling, with the 14-day Relative Strength Index (RSI) also sitting above a similar threshold. Currently, the index sits at 52.72, above its own resistance level of 49.00.

If price strength continues to move higher, we could see an increase in the index. Bitcoin would be back above $21,000 in the next few days.

Ethereum

On Tuesday, ethereum also traded higher, with the world’s second-largest crypto-currency approaching the $1,400 level. ETH hit a high of $1,395.31 earlier in the day, which is the highest point the token has reached in the past five days.

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The move follows a break of recent resistance at $1,335, with the RSI also breaking through a ceiling.

Technical analysis of bitcoin and ethereum: BTC rises back above $20,000 and the bulls return to the crypto-currency market.
ETH – Daily Chart

In this case, it was the 39.50 point, which had been a major obstacle to price gains over the past week. At the time of writing, the index is trading at 45.00, which is another point of resistance, but the bulls have so far held their positions, despite the increased uncertainty.

Many expect ethereum to break above the $1,400 mark at some point in today’s session, with the $1,410 level being a possible exit point.

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