Bitcoin was trading in the green on Feb. 7 as prices rallied following a near collision with a key support point. The bulls have so far rejected this move towards $22,500 and have instead pushed prices higher. Ethereum also rallied, with prices continuing to trade above $1,600.
Bitcoin
bitcoin (BTC) has rallied from the Monday lows in today’s session, with prices rallying back above the $23,000 level.
After a minimum of $22,692.03 to start the week, BTC/USD ran to an intraday high of $23,119.28 earlier in the day.
The move comes as bitcoin bulls rejected a move towards a long-term support point at $22,500 and instead bought the dip.
Looking at the chart, today’s bounce sees BTC snapping a five-day losing streak, which came after a six-month high last Thursday.
Tuesday’s reversal also coincided with the 14-day RSI bouncing from a low of 60.00.
At time of writing, the index stands at 62.04 and appears to be on track to hit a top at 68.00.
Ethereal
Since rejecting a move below $1,600 on Monday, ethereum (ETH) has continued to find stability, with prices rising today.
ETH/USD moved to a high of $1,653.72 to start the day, which comes less than 24 hours after bottoming at $1,611.32.
As a result of this rise, the world’s second largest cryptocurrency appears to be heading towards a top of $1,670.
One of the reasons behind this jump has also been the RSI, which failed to move below a bottom at 58.00 and is now at a reading of 60.16.
On top of this, the 10-day moving average (red) continues to head higher, which is seen as a bullish sign by traders.
If this momentum persists, there is a strong possibility that Ethereum will trade near $1,700 in the coming days.
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