Bitcoin posted a two-day losing streak on Thursday as the cryptocurrency price rallied at a key point of support. Current price uncertainty in the market arises as global inflation continues to hover near historic highs. Ethereum also returned to the green in today’s session.
Bitcoin (Bitcoin) rose in today’s session, breaking below the recent low of $19,000.
On Wednesday, the world’s largest cryptocurrency dropped to an intraday low of $18,971.46, but the token rebounded earlier today.
So far, in Thursday’s session, Bitcoin/USD peaked at $19,280.68 and the bulls rejected a breakout below the $18,900 key floor.
Looking at the chart, the 14-day Relative Strength Index (RSI) also approached its own lower bound of 43.70, but the index has moved away from this point.
As of this writing, the index is tracking 45.68 and the next visible support point is at the 48.00 mark.
If this level is reached, Bitcoin could trade at the $19,600 level in the next few days.
Ethereum (ethereum) also returned to green on Thursday, with the token once again trading above $1,300.
ethereum/USD reached a new high of $1,304.90 today.
Similar to Bitcoin above, today’s price rebound was due to the bears’ failure to break out of the key support level of $1,270.
Although the market is currently experiencing turbulence, traders entering the market today may be looking to return to the recent resistance points.
The cap was last reached at the $1,330 mark on Tuesday, but there was no bullish pressure beyond that point at that point.
For this to happen in the next few days, the RSI must first break the 46.80 cap.
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Do you think the resistance will be defeated in the next few days? Leave your thoughts in the comments below.
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