Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, Coinbase Confirms Holding 2 Million
Bitcoin moved back above $16,000 on Nov. 23, as markets continued to react to the news that Coinbase holds 2 million bitcoin worth $39.9 billion. Centralized exchanges continue to face scrutiny following the collapse of FTX, with many moving to showcase their proof of reserves. Ethereum was also higher, with the token moving back towards $1,200 today.
Bitcoin (BTC) rebounded from recent declines on Wednesday, as markets were boosted by the news that Coinbase has 2 million BTC in its reserves, as of the end of Q3.
Following a low of $15,820.29 on Tuesday, BTC/USD rallied to an intraday high of $16,611.59 in today’s session.
The surge in price sees BTC move away from a recent floor of $15,600, with bulls now seemingly targeting a ceiling of $16,900.
BTC/USD – Daily Chart
Looking at the chart, this rally comes as the 14-day relative strength index (RSI) broke out at a resistance of its own at 38.00.
As of writing, the index is tracking at 39.58, and appears to be making its way to a resistance point of 41.00.
Sentiment in the market remains bearish despite today’s rally, however, should these upcoming hurdles be overcome, then 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 raced to a peak of $1,175.13 on Wednesday, which comes less than 24 hours after hitting a low of $1,096.66.
Today’s rally led to ethereum moving past a key resistance level of $1,170, hitting its highest point since Sunday in the process.
ETH/USD – Daily Chart
Since this collision, market uncertainty has increased, with the world’s second largest token now trading below earlier highs.
This comes as the RSI also hit a wall, with the index currently tracking at 40.26, which is marginally below a ceiling of 40.30.
Bulls are likely targeting a reentry on the $1,200 zone, however price strength will first need to overcome this current obstacle.
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Could we see ethereum move above $1,200 on Wednesday? Leave your thoughts in the comments below.
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.
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