BTC rises back above $20,000 and markets rebound

The token fell to a multi-week low over the weekend, but prices have now risen in two consecutive sessions. Ethereum was also in the green, with prices briefly regaining $1,600.

Bitcoin

Bitcoin was trading higher for a second consecutive session, with the token climbing back above $20,000 after recent declines.

Bitcoin dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices hit a high of $20,542.64 earlier today.

The move sees bitcoin attempting to return to a key support/resistance point at $20,800, five days after falling below that mark.

Looking at the chart, Tuesday’s rally took place as the Relative Strength Index (RSI) bounced off its own low to start the week.

The RSI climbed from a support point at 29.00, and is now at 38.20, which is slightly above its 38.00 ceiling.

If this week’s uptrend continues, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.

Ethereum

Like bitcoin, ethereum also had an eventful weekend, which saw prices fall to their lowest levels in a month.

Over the weekend, ETH hit a low of $1,427.73, which is its weakest point since July 26, bringing prices close to a key floor at $1,420.

However, yesterday’s gains – and so far in today’s session – have sent the token to an intraday high of $1,600.46.

As a result, the world’s second-largest crypto-currency has climbed nearly 10 percent from its low of $1,448.13 on Monday.

Currently, ETH continues to trade above a key support point at $1,550, and this comes as its RSI approaches a potential hurdle.

A 50.00 ceiling awaits the index, which currently sits at 47.00, which could potentially see bears return to the market, ending recent rebounds.