Bitcoin snapped a two-day losing streak on Thursday, as prices of the cryptocurrency rebounded at a key point of support. The current price uncertainty in markets comes as global inflation continues to hover close to historical highs. Ethereum was also back in the green in today’s session.
Bitcoin
Following two days of consecutive declines, bitcoin (BTC) rose higher in today’s session, moving away from its recent floor below $19,000.
On Wednesday, the world’s largest cryptocurrency fell to an intraday low of $18,971.46, however the token rebounded earlier today.
So far in Thursday’s session, BTC/USD has hit a peak of $19,280.68 as the bulls rejected a breakout below a key floor of $18,900.
Looking at the chart, the relative strength index (RSI) of 14-days also moved closer to its own floor of 43.70, however the index has since moved away from this point.
As of writing, the index is tracking at 45.68, with the next visible point of support being the 48.00 mark.
Should this level be reached, we will likely see bitcoin back trading at a level of $19,600 in the coming days.
Ethereum
Ethereum (ETH) also returned to the green on Thursday, as the token was once again trading above $1,300.
ETH/USD climbed to a top point of $1,304.90 earlier today, which comes less than a day after hitting a low of $1,275.32.
Like with bitcoin above, today’s rebound in price came as bears failed to break out of a key support level of $1,270.
Although there is current turbulence in the market, traders who have entered the market today will likely be targeting a return to a recent resistance point.
This ceiling is the $1,330 mark, which was last reached on Tuesday, however there was not enough bullish pressure at the time to move beyond that point.
In order for this to take place in the coming days, a ceiling of 46.80 on the RSI must first be broken.
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Do you believe the resistance will be broken in the coming days? Leave your thoughts in the comments below.