Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 as Volatility in Crypto Markets Intensifies

Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 as Volatility in Crypto Markets Intensifies

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. BTC/USD – Daily Chart

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. ETH/USD – Daily Chart

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.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum

Do you believe the resistance will be broken in the coming days? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: DOGE, XRP Rebound Following Recent Declines MARKET UPDATES | 8 hours ago Biggest Movers: XMR Moves to 10-Day High, AAVE Remains Near 5-Week Peak MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGerman Crypto Bank Nuri Asks Clients to Withdraw Funds as It Goes Out of Business Next articleTesla Still Holding $218M in Bitcoin — Elon Musk Expects Company to Be Worth More Than Apple and Saudi Aramco Combined Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method