Bullish sentiment returns to BTC after yesterday’s sell-off – Market Update Bitcoin News

Following yesterday’s price drop, Bitcoin stabilized in Thursday’s session with prices hovering below $21,000.bulls are trying to take bitcoin Back to that resistance level, which was broken by Wednesday’s sell-off.

bitcoin

bitcoin It was trading just below $21,000 on Thursday as prices rebounded slightly after falling on the Hump day.

After Wednesday’s low of $19,848.08, bitcoin/USD rose to an intraday high of $20,835.75 earlier in the day.

The move comes as the bulls appear set to once again break the current resistance at $21,100, which was formed last week.

Bitcoin, Ethereum technical analysis: Bullish sentiment returns to BTC after yesterday's sell-off
bitcoin/USD – daily chart

The 14-day RSI has broken above its own resistance level, which should increase hopes of a breakout.

As you can see from the chart, after nearly ten days of reluctance to give way, the 30.50 ceiling was finally broken.

The next visible resistance appears to be 36.60. If we see the relative strength move to this point, bitcoin It could trade above $22,000.

Ethereum

Ethereum It also returned to the green on Thursday after seemingly overcoming Wednesday’s uncertainty.

The price of the world’s second-largest crypto token rose to an intraday high of $1,119.61, less than a day before it nearly retreated below $1,000.

With today’s price rally, the bulls are likely to try to maintain the momentum, with some eyeing key resistance points.

Bitcoin, Ethereum technical analysis: Bullish sentiment returns to BTC after yesterday's sell-off
Ethereum/USD – daily chart

This cap is the $1,190 mark, which is likely to prevent Ethereum From back to $1,200.

Overall, the momentum appears to be bullish, with the RSI at its highest level in nearly two weeks.

At press time, the index is tracking at 32, with the next level of resistance at 35.85.

Do you expect bullish momentum to increase as we approach this weekend? 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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