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 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.

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Technical analysis of bitcoin and ethereum: BTC pushes back above $20,000 as markets rebound.
BTC – Daily Chart

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.


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.

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

Technical analysis of bitcoin and ethereum: BTC breaks back above $20,000 and markets rebound.
ETH – Daily Chart

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.

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