BTCTN - 11/23/2022 10:38:42 PM - GMT (+0 )
Bitcoin moved back above $16,000 on Nov. 23, as markets continued to react to the news that Coinbase holds 2 million bitcoin worth $39.9 billion. Centralized exchanges continue to face scrutiny following the collapse of FTX, with many moving to showcase their proof of reserves. Ethereum was also higher, with the token moving back towards $1,200 today.Bitcoin
Following a low of $15,820.29 on Tuesday, BTC/USD rallied to an intraday high of $16,611.59 in today’s session.
The surge in price sees BTC move away from a recent floor of $15,600, with bulls now seemingly targeting a ceiling of $16,900.
Looking at the chart, this rally comes as the 14-day relative strength index (RSI) broke out at a resistance of its own at 38.00.
As of writing, the index is tracking at 39.58, and appears to be making its way to a resistance point of 41.00.
Sentiment in the market remains bearish despite today’s rally, however, should these upcoming hurdles be overcome, then momentum could begin to shift.Ethereum
ETH/USD raced to a peak of $1,175.13 on Wednesday, which comes less than 24 hours after hitting a low of $1,096.66.
Today’s rally led to ethereum moving past a key resistance level of $1,170, hitting its highest point since Sunday in the process.
Since this collision, market uncertainty has increased, with the world’s second largest token now trading below earlier highs.
This comes as the RSI also hit a wall, with the index currently tracking at 40.26, which is marginally below a ceiling of 40.30.
Bulls are likely targeting a reentry on the $1,200 zone, however price strength will first need to overcome this current obstacle.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see ethereum move above $1,200 on Wednesday? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.