Bitcoin Rebounds from Multi-Week Low
Bitcoin saw a rebound in price on Tuesday after hitting a multi-week low the day before. The BTC/USD pair reached a peak of $26,421.51, following a low of $26,011.47. Monday’s drop marked the lowest point for the cryptocurrency since September 13 when it fell below $25,800.
The rebound in price can be attributed to the relative strength index (RSI), which found support at 45.00. Currently, the RSI stands at 45.84, with the next resistance level expected at 55.00. If bulls manage to reach this level, Bitcoin could potentially move towards the $27,000 zone.
Ethereum Bounces Back from Key Support Level
Ethereum (ETH) also experienced an upward movement on Tuesday after testing a crucial support level earlier in the week. After reaching a low of $1,565.03 on Monday, ETH rallied to an intraday high of $1,598.10 within 24 hours.
Bulls successfully defended the support level at $1,565 and used it as an opportunity to buy the dip in price.
Similar to Bitcoin, Ethereum’s surge was supported by a strong RSI floor that acted as a launching pad for traders.
Currently trading below the $1,600 level, Ethereum’s price could potentially change based on this afternoon’s consumer confidence report.
Hot Take: Bitcoin and Ethereum Show Signs of Recovery
Both Bitcoin and Ethereum have displayed signs of recovery as they bounced back from recent lows. Bitcoin’s price rebounded from its weakest point since mid-September, while Ethereum successfully defended a key support level. The relative strength index played a crucial role in the recovery of both cryptocurrencies, indicating a potential upward movement. If bulls manage to break through the resistance levels, Bitcoin could approach the $27,000 zone, and Ethereum could surpass the $1,600 level. Traders will closely monitor market developments and economic reports to gauge the future direction of these cryptocurrencies.
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