BTC moves back above $25,000 briefly – market updates
Bitcoin bounced back above $25,000 briefly on Thursday as markets recovered from a volatile session the previous day. The potential collapse of Credit Suisse was somewhat averted after intervention by the Swiss National Bank, which helped calm the markets. Ethereum largely consolidated in today’s session.
Bitcoin (BTC) surged back above $25,000 in today’s session as market volatility subsided as the Swiss National Bank took action to prevent a Credit Suisse collapse.
After hitting a low of $23,964.91 on Wednesday, BTC/USD rallied to an intraday high of $25,240.62 earlier in the day.
As a result of the move, Bitcoin again broke above a key resistance level at the $25,050 zone.
Overall, BTC is now trading 15% higher than at the same time last week, with the 14-day Relative Strengthindex (RSI) reached its strongest level since February 20.
The index is currently trading at 62.54, which is just below a resistance point at 65.00.
This ceiling remains the main obstacle preventing bitcoin bulls from rallying back to recent highs above $26,000.
Ethereum (ETH), on the other hand, was mostly in the red, falling below the USD 1,700 mark again.
ETH/USD hit a low of $1,616.63 earlier in today’s session, following a high of $1,701.43 the previous day.
As a result of today’s decline, the second largest moved cryptocurrency the world below a key cap at $1,675.
Looking at the chart, the decline came as the RSI failed to break above a resistance level at 60.00.
At the time of writing, price strength is now at 56.90 with the next visible support point at 55.00
If bears land in this zone, there is a strong chance ETH will trade below $1,600.
Register your email address here to receive weekly price analysis updates in your inbox:
Could Ethereum rally in the coming days? Leave your thoughts in the comments below.
photo credit: Shutterstock, Pixabay, WikiCommons
Source: Crypto News Deutsch