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Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy

News Feed - 2023-01-20 10:01:24

Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy


Bitcoin crept back up to the $21,000 level on Friday, as volatility in the cryptocurrency market remained high. After falling by nearly 4% in Thursday’s session, the global market cap is up by 1.14% as of writing. This comes despite the news that crypto lender Genesis has recently filed for bankruptcy. Ethereum was also in the green, as it rebounded from Thursday’s lows. Bitcoin


Bitcoin (BTC) climbed higher on Friday, as the world’s largest cryptocurrency rebounded from Thursday’s losses.


The rally comes despite the news that crypto lender Genesis has filed for bankruptcy, following the likes of FTX.


BTC/USD rose to an intraday high of $21,175.24 earlier in today’s session, which comes following a low of $20,689.88 on Thursday. BTC/USD – Daily Chart


Looking at the chart, today’s rebound in price came as the 14-day relative strength index (RSI) moved back above the 80.00 mark.


As of writing, the index is at the 80.40 level, with the next visible resistance level at the 88.00 zone.


Many expect that BTC could make another attempt to break out of a key resistance point at $21,400. Ethereum


In addition to bitcoin, ethereum (ETH) also rebounded during today’s session, with prices continuing to move away from a recent floor.


Following a low of $1,515.79 on Thursday, ETH/USD raced to a peak of $1,559.55 earlier in the day.


Today’s surge comes as ethereum continues to move away from a recent support point at the $1,500 level. ETH/USD – Daily Chart


Similar to BTC, the move comes following a dead cat bounce on the RSI indicator, with price strength rebounding from a recent low.


Currently, the index is tracking at a level of 74.64, which is marginally higher than the aforementioned floor at 70.00.


ETH bulls will likely now be targeting a resistance level at the $1,600 level.


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Do you expect ethereum to end the week trading above $1,600? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: Meme Coins Move Lower, With SHIB Declining by 10% MARKET UPDATES | 1 day ago Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower, US Retail Sales Slow MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Somalia to Fight Inflation and Counterfeiters With New Banknotes Next articleCrypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals


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