{"id":16676,"date":"2023-01-20T16:18:02","date_gmt":"2023-01-20T16:18:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-back-above-21000-despite-genesis-bankruptcy-market-updates-bitcoin-news\/"},"modified":"2023-01-20T16:18:02","modified_gmt":"2023-01-20T16:18:02","slug":"btc-back-above-21000-despite-genesis-bankruptcy-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-back-above-21000-despite-genesis-bankruptcy-market-updates-bitcoin-news\/","title":{"rendered":"BTC Back Above $21,000 Despite Genesis Bankruptcy \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin crept back up to the $21,000 level on Friday, as volatility in the cryptocurrency market remained high. After falling by nearly 4% in Thursday\u2019s session, the global market cap is up by 1.14% as of writing. This comes despite the news that crypto lender Genesis has recently filed for bankruptcy. Ethereum was also in the green, as it rebounded from Thursday\u2019s lows.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) climbed higher on Friday, as the world\u2019s largest cryptocurrency rebounded from Thursday\u2019s losses.<\/p>\n

The rally comes despite the news that crypto lender Genesis has filed for bankruptcy, following the likes of FTX.<\/p>\n

BTC<\/a>\/USD rose to an intraday high of $21,175.24 earlier in today\u2019s session, which comes following a low of $20,689.88 on Thursday.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Looking at the chart, today\u2019s rebound in price came as the 14-day relative strength index (RSI) moved back above the 80.00 mark.<\/p>\n

As of writing, the index is at the 80.40 level, with the next visible resistance level at the 88.00 zone.<\/p>\n

Many expect that BTC<\/a> could make another attempt to break out of a key resistance point at $21,400.<\/p>\n

Ethereum<\/h2>\n

In addition to bitcoin, ethereum (ETH<\/a>) also rebounded during today\u2019s session, with prices continuing to move away from a recent floor.<\/p>\n

Following a low of $1,515.79 on Thursday, ETH<\/a>\/USD raced to a peak of $1,559.55 earlier in the day.<\/p>\n

Today\u2019s surge comes as ethereum continues to move away from a recent support point at the $1,500 level.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

Similar to BTC<\/a>, the move comes following a dead cat bounce on the RSI indicator, with price strength rebounding from a recent low.<\/p>\n

Currently, the index is tracking at a level of 74.64, which is marginally higher than the aforementioned floor at 70.00.<\/p>\n

ETH<\/a> bulls will likely now be targeting a resistance level at the $1,600 level.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

Do you expect ethereum to end the week trading above $1,600? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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