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

Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy  0

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.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy  1BTC/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.

Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy  2ETH/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.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

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

Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy  3 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.

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Updated: 01/20/2023 — 09:00

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