Bitcoin rebounded from recent lows on Thursday, as bulls moved to buy the dip, following a drop below the $26,000 level. The rally comes as traders rejected a full breakout below a key support point of $25,600. Ethereum was also back in the green during today’s session.
Bitcoin
Bitcoin climbed higher on Thursday, as bulls moved to buy the recent dip in price, following a drop below the $26,000 level.
After trading at a low of $25,805.00 on Wednesday, BTC/USD rose to an intraday peak of $26,786.90 earlier in today’s session.
This is the strongest point that bitcoin has hit since last Thursday, when the cryptocurrency was trading above the $28,000 mark.
Looking at the chart, the surge sent the 14-day relative strength index (RSI) to a ceiling of 28.00, which is also a one-week high.
As of writing, price strength has moved below this point, however should a breakout occur, there is a good chance that BTC will head above $27,000.
Ethereum
Ethereum (ETH) was also back in the green, and neared a breakout above the $1,700 zone late on Wednesday.
ETH/USD rallied to a high of $1,696.59 during yesterday’s session, less than 24 hours after the price was at a bottom $1,634.87.
Like with BTC above, today saw ethereum trade at its highest point in a week, with price peaking above $1,800 last Thursday.
The 14-day RSI has also collided with a key resistance level, in this occasion at the 34.00 zone.
Sentiment has marginally shifted, with the index now at 32.04, resulting in the easing of earlier gains.
Register your email here to get weekly price analysis updates sent to your inbox:
Can ethereum hit $1,800 this week? Leave your thoughts in the comments below.
Source: Bitcoin
