Bitcoin Marginally Rebounds After Hitting Support Point
Bitcoin (BTC) experienced a slight rebound on Wednesday after bouncing off a key support point. The cryptocurrency reached a low of $27,216.00 on Tuesday but surged to a peak of $27,632.90 earlier today. This move pushed bitcoin further away from the recent floor of $27,200 and closer to the ceiling at $27,800.
The rebound can be seen on the chart as the 14-day relative strength index (RSI) bounced from its own support level at 58.00. Currently, the price strength is tracking at 60.52, with the next visible resistance point at 67.00. If this upcoming ceiling is broken, there is a good chance that BTC will re-enter the $28,000 zone.
Ethereum Remains Below $1,700 Level
Ethereum (ETH) has been mostly lower in today’s session despite moving away from its price floor. The cryptocurrency fell from an earlier peak of $1,662.45 and is currently trading at $1,648.07.
Although it has moved away from its peak, ETH is still trading above a floor of $1,620. Bulls rejected a breakout of the 50.00 level on the RSI indicator, and the index is now tracking at 50.63.
If momentum picks up in the coming days, Ethereum could soon surpass the $1,700 mark once again.
Hot Take: Bitcoin and Ethereum Show Signs of Rebound
Bitcoin marginally rebounded after hitting a support point and is now approaching a resistance level that could push it back into the $28,000 zone. Meanwhile, Ethereum remains above its price floor and has the potential to surpass $1,700 again if momentum picks up. The global crypto market cap has also seen a slight increase, signaling consolidation after Tuesday’s losses. Keep an eye on these key levels and indicators to gauge the future direction of these cryptocurrencies.
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