Bitcoin moved back above $16,000 on Nov. 23 as markets continued to react to the news that Coinbase has 2 million bitcoins worth $39.9 billion. Centralized exchanges continue to come under scrutiny following the collapse of FTX, with many moving to show off their proof of reserves. Ethereum was also higher, with the token moving back towards $1,200 today.
Bitcoin (BTC) rallied from recent declines on Wednesday, as markets were boosted by the news that Coinbase has 2 million BTC in its reserves at the end of Q3.
After a low of $15,820.29 on Tuesday, BTC/USD rose to an intraday high of $16,611.59 in today’s session.
The price rally has BTC moving away from a recent floor of $15,600, with bulls now seemingly targeting a ceiling of $16,900.
Looking at the chart, this rally comes as the 14-day relative strength index (RSI) broke out with its own resistance at 38.00.
At the time of writing, the index is trailing at 39.58, and appears to be on its way to a resistance point of 41.00.
Market sentiment remains bearish despite today’s rally, but should these upcoming hurdles be overcome, momentum could begin to shift.
Like BTC, ethereum (ETH) was also back in the green in today’s session as the token moved closer to the $1,200 mark.
ETH/USD rallied to a high of $1,175.13 on Wednesday, which comes less than 24 hours after it hit a low of $1,096.66.
Today’s rally saw ethereum move past a key resistance level at $1,170, hitting its highest point since Sunday in the process.
Since this collision, market uncertainty has increased, with the world’s second-largest token now trading below previous highs.
This comes as the RSI is also hitting a wall, with the index at 40.26, which is marginally below a ceiling of 40.30.
Bulls are likely targeting a re-entry into the $1,200 zone, but price strength must first overcome this current hurdle.
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Could we see Ethereum move above $1200 on Wednesday? Leave your thoughts in the comments below.
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