Bitcoin briefly moved back above $25,000 on Thursday, as markets rebounded from a volatile session the day prior. The potential collapse of Credit Suisse was somewhat averted, following an intervention from the Swiss National Bank, which has helped calm markets. Ethereum mostly consolidated in today’s session.
Bitcoin (BTC) rose back above the $25,000 level in today’s session, as market volatility eased, as the Swiss National Bank moved to prevent a collapse of Credit Suisse.
Following a low of $23,964.91 on Wednesday, BTC/USD rallied to an intraday peak of $25,240.62 earlier in the day.
As a result of the move, bitcoin once again broke out of a key resistance level at the $25,050 zone.
Overall, BTC is now trading 15% higher from the same point last week, with the 14-day relative strength index (RSI) at its strongest point since February 20.
Currently, the index is tracking at 62.54, which is marginally below a resistance point at the 65.00 mark.
This ceiling remains the main obstacle preventing bitcoin bulls from surging back towards a recent high above $26,000.
Ethereum (ETH) on the other hand was mostly in the red, with prices falling back below the $1,700 mark.
ETH/USD hit a low of $1,616.63 earlier in today’s session, which comes following a high at the $1,701.43 mark the day prior.
As a result of today’s drop, the world’s second largest cryptocurrency moved below a key ceiling at the $1,675 point.
Looking at the chart, the decline came as the RSI failed to break out of a resistance level at 60.00.
At the time of writing, price strength is now tracking at 56.90, with the next visible point of support at 55.00
In the event bears land at this zone, there is a strong chance that ETH will be trading below $1,600.
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Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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