BTC rallies as bulls reject breakout of key support level – market updates
Bitcoin was trading in the green on Feb. 7 as prices recovered after a near collision with a key support point. The bulls have so far rejected this move towards $22,500, instead propelling prices higher. Ethereum also recovered with prices continuing to trade above $1,600.
Bitcoin
Bitcoin (BTC) recovered from Monday’s lows in today’s session, with prices racing back above $23,000.
After hitting a low of $22,692.03 earlier in the week, BTC/USD raced to an intraday high of $23,119.28 earlier in the day.
The move comes as bitcoin bulls rejected a move towards a long-term support point at $22,500 and instead bought the dip.
Looking at the chart, BTC sees a five-day losing streak with today’s recovery, which started after a six-month high last Thursday.
Tuesday’s trend reversal also coincided with the 14-day relative strengthindex (RSI) which bounced off a bottom of its own at 60.00.
As of this writing, the index is hovering at 62.04 and seems on course to collide with a ceiling at 68.00.
Ethereum
Since refusing a move below $1,600 on Monday, Ethereum (ETH) has continued to find stability, with prices slightly higher today.
ETH/USD moved to a high of $1,653.72 to start the day, which comes less than 24 hours after crashing to a low of $1,611.32.
As a result of this increase seems the second largest cryptocurrency heading towards a top of $1,670 in the world.
Also one of the reasons for the jump was the RSI, which failed to break below a bottom at 58.00 and now stands at 60.16.
Additionally, the 10-day moving average (red) continues to point up, which traders see as a bullish signal.
If this momentum continues, there is a strong possibility that Ethereum could trade near the $1,700 level in the coming days.
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photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
