Global markets Speaker of the US House of Representatives Nancy PelosiBitcoin and Ethereum traded higher on Wednesday as China reacted to tensions caused by Taiwan’s visit. The S&P 500 also concluded a turbulent session as the gold price lost nearly $40 in value late Tuesday after holding its highest level in a month.
Bitcoin Analysis
bitcoin (BTC) traded higher on Wednesday as crypto prices rebounded after five consecutive days of declines.
After a low of $22,710 in Tuesday’s session, the leading coin rallied as high as $23,446 earlier today.
This increase was made possible by the fact that the bulls were able to prevent a break from the $22,600 support point yesterday, which was likely a key support blocking a move towards $20,000.
With this, global markets As it reacts further to geopolitical tension, volatility is quite likely to push Bitcoin back to the last resistance level.
This level of resistance is in the $24,200 region and could be the next target for BTC bulls if today’s momentum extends to the rest of the week.
On the other hand, price strength has also rebounded, with the 14-day relative strength index (RSI) staying above the 53 base and currently hovering at 56.
What’s the Situation on Ethereum?
In addition to Bitcoin, following the return of bullish momentum to crypto markets Ethereum (ETH) also turned green again.
ETH/USD rallied from yesterday’s low of $1,570 to $1,672 during today’s trading session.
Similar to Bitcoin, today’s recovery came after the bulls quickly recaptured a $1,620 support level after a false breakout on Tuesday.
Since then, the intensity of the pressure has increased and the 14-day RSI has dropped below its own support point. The relative strength index sits at 61 after testing its own base of 58 by the bears during yesterday’s sell-off.
If both of these bases hold, ETH is highly likely to move towards $1,800 in the sessions this week.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.