Bitcoin was back above $20,000 on Tuesday, as bulls seemingly moved in to buy following the recent dip in price. The token dropped to a multi-week low over the weekend, however prices have now risen in back-to-back sessions. Ethereum was also in the green, as prices briefly recaptured $1,600.
Bitcoin (BTC) was trading higher for a second consecutive session, as the token rallied back above $20,000 following recent declines.
BTC/USD dropped to a low of $19,600.79 on Sunday, however after two days of gains, prices reached a peak of $20,542.64 earlier today.
This move sees bitcoin attempt to move back towards a key support/resistance point at $20,800, five days after falling below the mark.
Looking at the chart, Tuesday’s rally has come as the relative strength index (RSI) rebounded from its own floor to start the week.
The RSI climbed from a support point at 29.00, and is now tracking at a reading of 38.20, which is marginally above its 38.00 ceiling.
Should this week’s uptrend continue, the index will likely reach a higher resistance point of 41.50, which will be enough to send prices above $20,800.
Like bitcoin, ethereum (ETH) also had a turbulent weekend, which saw prices fall to a one-month low.
During the weekend, ETH/USD hit a low of $1,427.73, which is its weakest point since July 26, taking prices close to a key floor at $1,420.
However, gains yesterday — and so far in today’s session — have sent the token to an intraday high of $1,600.46.
This sees the world’s second largest cryptocurrency climb by almost 10% from its low of $1,448.13 on Monday.
As of writing, ETH continues to trade above a key support point at $1,550, and this comes as its RSI edges closer to a potential hurdle.
A ceiling of 50.00 awaits the index, which is currently tracking at 47.00, which could potentially see bears back into the market, putting a stop to the recent rebounds.
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Can ethereum move back towards $2,000 in September? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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