BTC back above $20,000 as cryptocurrency rebounds – Market Update Bitcoin News

After trading below $20,000 over the weekend, bitcoin rose more than 10% on Monday to regain that level. The cryptocurrency started the week mostly in the green as bulls appeared to buy into the weekend’s losses. Ethereum It was up nearly 15% in today’s trade.

bitcoin

Bitcoin bounced back from its recent decline that started the week as prices once again traded above the $20,000 level.

After Sunday’s session low of $19,232.30, bitcoin/USD rebounded to a session high of $20,913.32 on Monday.

The rally saw the world’s largest crypto token regain momentum after falling to its lowest level since December 2020 over the weekend.

Bitcoin, Ethereum Technical Analysis: BTC back above $20,000 as cryptocurrencies rebound
bitcoin/USD – daily chart

Despite today’s price increase, bitcoin Still in a downtrend, down 15% from the same time last week.

At press time, prices are now near the nearest support at $20,500 as bulls opt to secure gains rather than hold positions after earlier highs.

This coincides with the 14-day RSI hitting its own resistance at 29, which has historically dampened price bounce attempts.

Ethereum

Ethereum It traded below key levels over the weekend, but also managed to surge higher in today’s session.

Ethereum rose nearly 15% at its peak on Monday, hitting an intraday high of $1,159.99 in the process.

Ethereum It fell to a low of $885 over the weekend, its lowest price since January 2021.

Bitcoin, Ethereum Technical Analysis: BTC back above $20,000 as cryptocurrencies rebound
Ethereum/USD – daily chart

as bitcoinEthereum hit a stumbling block in today’s trade as bulls fled their positions as the RSI hit resistance points.

This is the upper limit of 30.20, which coincides with another resistance level near $1,150, which appears to be an exit zone.

At the time of writing, prices are currently trading at $1,130 as bulls avoid staying in trades near these uncertain areas.

will Ethereum Below $1,000 anytime this week? Leave your thoughts in the comments below.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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