Bitcoin, Ethereum Technical Analysis: BTC Back Above $23,000 Following Tesla Q4 Earnings Report

Bitcoin rallied backmost supra $23,000 connected Thursday, pursuing the merchandise of Tesla’s quarterly net report. The study showed that Tesla was holding 9,720 bitcoin, worthy $223 million. Ethereum was besides higher, arsenic prices were backmost supra $1,600, rebounding from caller losses successful the process.

Bitcoin

Bitcoin (BTC) moved to a caller five-month precocious earlier successful the session, arsenic markets reacted to Tesla’s latest quarterly net report.

The report, which was released aft yesterday’s closing bell, showed that the electrical conveyance shaper did not merchantability immoderate of its bitcoin.

Following the news, BTC/USD raced to a precocious of $23,722.10, hitting its strongest constituent since August 17 successful the process.

BTC/USD – Daily Chart

Looking astatine the chart, the determination saw BTC erstwhile again interruption retired of a ceiling astatine $23,500, and this comes aft colliding with a level astatine $22,500.

Earlier gains person somewhat eased, with the 14-day comparative spot scale (RSI) backmost successful overbought territory.

As of writing, the scale is tracking astatine 80.77, with a enactment constituent astatine 78.00 the adjacent disposable target.

Ethereum

Ethereum (ETH) besides rebounded successful today’s session, with prices moving backmost supra the $1,600 level.

ETH/USD, which slipped to a bottommost of $1,535.00 connected Wednesday, raced to a highest of $1,632.24 aboriginal successful the day, pursuing Tesla’s net call.

As a effect of the move, the world’s 2nd largest cryptocurrency roseate past its caller absorption constituent astatine $1,600.

ETH/USD – Daily Chart

Like with BTC, erstwhile bulls person somewhat abandoned their positions, opting to instrumentality profits arsenic prices reentered overbought territory.

Ethereum’s 14-day RSI is presently sitting astatine 67.07, and appears to beryllium heading for a ceiling astatine the 75.00 mark.

Should this occur, it is apt that ETH volition collide with a ceiling astatine $1,685.

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Could today’s rebound successful terms beryllium extended into the weekend? Leave your thoughts successful the comments below.

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