{"id":17365,"date":"2023-02-07T13:47:55","date_gmt":"2023-02-07T13:47:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-rebounds-as-bulls-reject-breakout-of-key-support-level-market-updates-bitcoin-news\/"},"modified":"2023-02-07T13:47:55","modified_gmt":"2023-02-07T13:47:55","slug":"btc-rebounds-as-bulls-reject-breakout-of-key-support-level-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-rebounds-as-bulls-reject-breakout-of-key-support-level-market-updates-bitcoin-news\/","title":{"rendered":"BTC Rebounds, as Bulls Reject Breakout of Key Support Level \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin was trading in the green on Feb. 7, as prices rebounded following a near collision with a key support point. Bulls have so far rejected this move towards $22,500 and instead pushed prices higher. Ethereum also rallied, with prices continuing to trade above $1,600.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) rebounded from Monday\u2019s lows in today\u2019s session, with prices racing back above the $23,000 level.<\/p>\n

Following a low of $22,692.03 to start the week, BTC<\/a>\/USD raced to an intraday high of $23,119.28 earlier in the day.<\/p>\n

The move comes as bitcoin bulls rejected a move towards a long-term support point at $22,500, and instead bought the dip.<\/p>\n

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

Looking at the chart, today\u2019s rebound sees BTC<\/a> snap a five-day losing streak, which came following a six-month high last Thursday.<\/p>\n

Tuesday\u2019s reversal also coincided with the 14-day relative strength index (RSI) bouncing from a floor of its own at 60.00.<\/p>\n

As of writing, the index is tracking at 62.04, and seems to be on course to collide with a ceiling at 68.00.<\/p>\n

Ethereum<\/h2>\n

Since rejecting a move below $1,600 on Monday, ethereum (ETH<\/a>) has continued to find stability, with prices edging higher today.<\/p>\n

ETH<\/a>\/USD moved to a peak of $1,653.72 to start the day, which comes less than 24 hours after falling to a bottom at $1,611.32.<\/p>\n

As a result of this surge, the world\u2019s second largest cryptocurrency looks to be heading towards a ceiling at $1,670.<\/p>\n

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

One of the reasons behind this jump has also been the RSI, which failed to move below a floor at 58.00, and is now at a reading of 60.16.<\/p>\n

In addition to this, the 10-day (red) moving average continues to be upward facing, which traders see as a bullish signal.<\/p>\n

If this momentum persists, there is a strong possibility that ethereum could be trading close to $1,700 in upcoming days.<\/p>\n

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

Have markets calmed down from Friday\u2019s non-farm payrolls report? 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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