Bitcoin, Ethereum Technical Analysis: BTC Rebounds Following Bullish Comments From Elon Musk

Bitcoin started the week trading beneath $17,000, arsenic volatility successful the cryptocurrency abstraction continued to intensify. Following past week’s illness of FTX, relationship withdrawals person increased, with respective customers opting to region their tokens from exchanges. However, beardown comments from Twitter CEO Elon Musk person helped boost prices. Ethereum remained beneath $1,300 connected Monday.

Bitcoin

Bitcoin (BTC) started the week trading beneath $17,000, arsenic marketplace volatility remained high, pursuing past week’s illness of FTX.

Since FTX’s bankruptcy, the marketplace has struggled to effort to find support, with BTC trading adjacent this constituent successful today’s session.

BTC fell to a debased of $15,872.94 earlier successful today’s session, earlier rallying and reaching a precocious of $16,864.76.

BTC/USD – Daily Chart

The determination distant from its existent enactment of $15,800 came arsenic Twitter CEO Elon Musk gave his presumption connected the token.

In a effect to a tweet from Jason Calacanis, Musk tweeted, “BTC volition marque it, but mightiness beryllium a agelong winter.”

As tin beryllium seen from the illustration above, terms spot has besides rebounded since this tweet, with the 14-day comparative spot scale (RSI) present moving higher, towards a ceiling of 39.00.

Ethereum

Ethereum (ETH) was trading beneath $1,300 for a 3rd consecutive day, which comes pursuing caller uncertainty successful the marketplace.

Despite starting the day, and week, trading astatine a bottommost of $1,178.43, ETH/USD marginally rebounded, climbing supra $1,200.

The world’s 2nd largest cryptocurrency surged to an intraday highest of $1,267.48, which is implicit 2% higher than earlier lows.

ETH/USD – Daily Chart

Looking astatine the chart, the surge successful terms has besides led to the RSI climbing higher, with the scale present hovering beneath a ceiling of 43.00

In bid for ETH to widen today’s surge and determination supra $1,300, this constituent of absorption volition apt request to beryllium broken.

Overall, ethereum is presently down by arsenic overmuch arsenic 20% from the aforesaid clip past week.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Oporty786 / Shutterstock.com

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