Bitcoin increased for the second consecutive session, with the world’s largest cryptocurrency edging closer to the $40,000 mark. Ethereum also recovered, reversing a three-week low.
Bitcoin
The bearish pressure on BTC appears to have lifted, as bulls were solidly in control to begin Wednesday’s trading session.
Following a low of less than $36,400 yesterday, BTC/USD reached an intraday high of $38,917.27 early today.
The rise brings bitcoin closer to the critical $40,000 mark, which it breached on Monday as a result of escalating tensions with Ukraine and Russia.
On the chart, the 14-day RSI has also increased, and now stands at 43.73, just below resistance at 44.74.
Bulls aiming for a breakout above $40,000 will likely wait to see if the momentum from the prior two days continues. If such is the case, they may seek to bolster pricing strength even further.
We may now see some hesitant action near the current level, until this ceiling is decisively broken.
Ethereum
ETH also increased in value as the world’s second largest cryptocurrency recovered from recent lows.
As of this writing, ETH/USD is up about 3%, having reached an intraday high of $2,741.30, its highest level since Monday.
Price strength has also increased, with the 14-day RSI breaching its own resistance level of 40 to track at 43.35.
Despite the ascent, another ceiling lies nearby, with the 44.42 level regarded as a severe impediment due to the presence of bears in the past.
Markets are now awaiting confirmation of whether history will repeat itself or if we will see a breakout and a possible move towards $3,000.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
