Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000, Following Strong Chinese GDP Figures

Bitcoin climbed backmost supra $21,000 connected Jan. 17, arsenic markets reacted to better-than-expected Chinese gross home merchandise (GDP) figures. The economical merchandise comes arsenic U.S. traders besides returned to action, pursuing the reflection of the Martin Luther King Jr. Day celebration. Ethereum roseate concisely supra $1,600 earlier successful the session.

Bitcoin

Bitcoin (BTC) roseate backmost supra the $21,000 people connected Tuesday, arsenic markets reacted to the latest GDP figures from China.

Figures from the world’s 2nd largest system showed that gross home merchandise roseate by 3% past year, higher than the 2.8% expected.

As a effect of this, BTC/USD roseate to a precocious of $21,360.87 earlier successful the day, little than 24 hours aft falling to a bottommost astatine $20,715.75.

BTC/USD – Daily Chart

Looking astatine the chart, today’s rebound successful terms has pushed bitcoin person to its semipermanent absorption level of $21,400.

This ceiling has been successful spot for the past 2 months, and was marginally breached implicit the weekend.

The 14-day comparative spot scale (RSI) continues to hover adjacent to a ceiling of 90.00, and should BTC bulls mean to ascent supra $21,400, this ceiling connected the RSI indispensable archetypal beryllium broken.

Ethereum

In summation to BTC, ethereum (ETH) climbed higher successful today’s session, with prices concisely moving beyond the $1,600 level

Following a debased of $1,529.57 to commencement the week, ETH/USD surged to an intraday highest of $1,603 successful the aboriginal hours of this morning.

Prices person since slipped, and arsenic of writing, the world’s 2nd largest cryptocurrency is trading astatine $1,569.75.

ETH/USD – Daily Chart

Overall, with prices importantly overbought, and with bullish momentum seemingly astatine its peak, galore expect a reversal could beryllium connected its way.

Currently the RSI of 14 days is tracking astatine 83.84, which is its highest level since August 2020, erstwhile terms was trading beneath $1,200.

Although determination are inactive semipermanent bulls, it is apt that ethereum could determination into consolidation up until terms spot is successful much neutral territory.

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Could we spot ethereum determination little successful the coming days? Leave your thoughts successful the comments below.

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