Make at least 50.000$ monthly trading crypto Follow professional Trading signals for FREE. I'm going in!

BTC, ETH Technical Analysis: BTC Back Above $21,000 After Strong Chinese GDP Figures

3 min reading

Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Bitcoin (BTC) regained the $21,000 level on Tuesday, as markets responded to China's latest GDP figures.

Powered by Froala Editor

Bitcoin rebounded to the $21,000 level on January 17 as markets responded to better-than-expected Chinese GDP figures. The economic release comes as traders in the United States resume trading after the Martin Luther King Jr. celebration. Earlier in the session, Ethereum nearly surpassed $1,600.

Bitcoin

Bitcoin (BTC) regained the $21,000 level on Tuesday, as markets responded to China's latest GDP figures.

The second-largest economy in the world reported that its gross domestic product increased by 3% last year, which was more than the 2.8% predicted.

As a result, BTC/USD reached a high of $21,360.87 earlier in the day, less than 24 hours after hitting a low of $20,715.75.

Daily Chart- BTC/USD (Source- Trading View)

According to the chart, today's price increase has moved bitcoin closer to its long-term resistance level of $21,400.

This ceiling has been in place for the last two months, and it was only slightly cracked over the weekend.

If BTC bulls want to move above $21,400, they must first break through the 14-day relative strength index's (RSI) ceiling of 90.00, which is still in place.

Ethereum

Along with Bitcoin (BTC), Ethereum (ETH) gained ground today, briefly crossing the $1,600 level.

ETH/USD jumped to an intraday high of $1,603 this morning after hitting a low of $1,529.57 to begin the week.

The second-largest cryptocurrency in the world is currently trading at $1,569.75 after prices have since dropped.

Daily Chart- ETH/USD (Source- Trading View)

Many feel a reversal could be forthcoming since prices are substantially overbought overall and bullish momentum seems to be at its peak.

The 14-day RSI is currently tracking at 83.84, which is the highest reading since August 2020, when the price was trading below $1,200.

Even though there are still long-term bulls, it is expected that Ethereum could enter a consolidation phase before its price strength reaches a more neutral level.

 ALSO READ- Crypto mining stocks rise to yearly highs after Bitcoin rebounds

Currency Exchange rate Buy cryptocurrency

TradingSignals News
Start making MONEY trading crypto! Follow professional Trading signals for FREE >>> JOIN

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the TradingSignals.ai (www.TradingSignals.ai). Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the news.tradingsignals.ai/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TradingSignals.ai c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the TradingSignals privacy policy is available in this document.

Advanced settings can be changed in your browser.