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

January 20, 2023

Bitcoin crept again as much as the $21,000 degree on Friday, as volatility within the cryptocurrency market remained excessive. After falling by almost 4% in Thursday’s session, the worldwide market cap is up by 1.14% as of writing. This comes regardless of the information that crypto lender Genesis has lately filed for chapter. Ethereum was additionally within the inexperienced, because it rebounded from Thursday’s lows.

Bitcoin

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

The rally comes regardless of the information that crypto lender Genesis has filed for chapter, following the likes of FTX.

BTC/USD rose to an intraday excessive of $21,175.24 earlier in at the moment’s session, which comes following a low of $20,689.88 on Thursday.

Looking on the chart, at the moment’s rebound in value got here because the 14-day relative power index (RSI) moved again above the 80.00 mark.

As of writing, the index is on the 80.40 degree, with the subsequent seen resistance degree on the 88.00 zone.

Many anticipate that BTC might make one other try to interrupt out of a key resistance level at $21,400.

Ethereum

In addition to bitcoin, ethereum (ETH) additionally rebounded throughout at the moment’s session, with costs persevering with to maneuver away from a current flooring.

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

Today’s surge comes as ethereum continues to maneuver away from a current help level on the $1,500 degree.

Similar to BTC, the transfer comes following a lifeless cat bounce on the RSI indicator, with value power rebounding from a current low.

Currently, the index is monitoring at a degree of 74.64, which is marginally greater than the aforementioned flooring at 70.00.

ETH bulls will possible now be focusing on a resistance degree on the $1,600 degree.

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Do you anticipate ethereum to finish the week buying and selling above $1,600? Leave your ideas within the feedback under.