Bitcoin Surges Above $25,000: Ethereum Consolidates in Volatile Market
• Bitcoin (BTC) rose back above the $25,000 level in today’s session, as market volatility eased.
• Ethereum (ETH) on the other hand was mostly in the red, with prices falling back below the $1,700 mark.
• The 14-day relative strength index (RSI) for both BTC and ETH remain at key levels of resistance that could prevent a breakout to higher levels.
Bitcoin Moves Briefly Back Above $25,000
Bitcoin briefly moved back above the $25,000 level on Thursday as markets rebounded from a volatile session in the previous day. This followed an intervention from the Swiss National Bank which helped to settle global markets following potential collapse of Credit Suisse.
Ethereum mostly consolidated during this session with prices falling back below the $1,700 mark reaching an intraday low of $1,616.63. This resulted in a break out of a key resistance point at $1,675 and further prevented any possible breakout to higher levels.
Relative Strength Index (RSI)
The 14-day relative strength index (RSI) for both Bitcoin and Ethereum remains at key points of resistance that could prevent any opportunity for a breakout to higher levels. In Bitcoin’s case this is currently tracking at 62.54 slightly below 65 whilst Ethereum’s RSI is currently 56.90 just below 60 which remains its main obstacle preventing it from climbing back up towards a recent high above $2600.
Overall Bitcoin is now trading 15% higher than it was last week and Ethereum also has seen some gains but remains well off its own recent high due to multiple obstacles that are preventing any breakout attempts for both cryptocurrencies being successful so far.
In conclusion this update provides an overview on how both Bitcoin and Ethereum have been performing recently with regards to their respective Relative Strength Index readings as well as how they have been trading over this past week compared to one another showing that while Bitcoin has had more success in terms of price performance since last week Ethereum still has room left before it too can reach similar heights again soon if investors continue to remain bullish on these two cryptocurrencies going forward into 2021 and beyond..