Bitcoin marginally rebounded on Wednesday, after the cryptocurrency collided with a key support point in yesterday’s session. Markets have consolidated Tuesday’s losses, with the global crypto market cap up 0.7% as of writing this. Ethereum remained under the $1,700 level.
Bitcoin
Bitcoin (BTC) climbed marginally higher on Wednesday after the price bounced off a recent support point.
Following a low of $27,216.00 on Tuesday, BTC/USD surged to a peak of $27,632.90 earlier in the day.
The move pushed bitcoin further away from a recent floor of $27,200, and closer to a ceiling at $27,800.
From the chart, it appears that the rebound comes as the 14-day relative strength index (RSI), bounced from a support level of its own at 58.00.
At the time of writing this, price strength is now tracking at 60.52, with the next visible point of resistance at 67.00.
Should this upcoming ceiling be broken, then there is a good chance that BTC will re-enter the $28,000 zone.
Ethereum
Ethereum (ETH) was largely lower in today’s session, despite moving away from a price floor of its own.
ETH/USD has fallen from an earlier peak of $1,662.45, and as of writing this is now trading at $1,648.07.
Although the cryptocurrency has moved away from its earlier peak, the price is trading above a floor of $1,620.
This comes as bulls rejected a breakout of the 50.00 level on the RSI indicator, with the index now tracking at 50.63.
In the event that momentum begins to pick up in the upcoming days, ethereum could be soon back over $1,700.
Register your email here to get weekly price analysis updates sent to your inbox:
Are markets consolidating ahead of the weekend? Leave your thoughts in the comments below.