Bitcoin rebounded from a near three-month low on Wednesday, as traders moved to buy the latest price dip. Yesterday’s decline came as the U.S. Securities and Exchange Commission sued both Binance and Coinbase. Ethereum moved closer to $1,900 in today’s session.
Bitcoin (BTC) bounced back above the $27,000 level on Wednesday, as traders moved to buy the recent dip in price.
Following a low of $25,434.87 on Tuesday, BTC/USD raced to an intraday high of $27,332.18 in today’s session.
This move saw bitcoin climb away from its weakest point since March 17, when it was at a low of $24,946.
Overall, price has also risen back above a key support point at $26,300, with the relative strength index (RSI) hovering near a similar area.
At the time of writing, price strength is tracking at 45.67, which is below a resistance level of 47.00.
The 10-day (red) moving average also remains above its 25-day (blue) counterpart, which could be a positive sign for longer-term bulls.
Ethereum (ETH) also made strong gains in today’s session, with prices closing in on a reentry above the $1,900 level.
ETH/USD hit a peak of $1,896.22 on Wednesday, which comes less than 24 hours after the price was below $1,800.
Tuesday’s decline sent ethereum to its weakest point since May 25, which was the last time the cryptocurrency was at a floor at $1,790.
From the chart, it appears that today’s rebound came as the RSI bounced from its own floor at 44.00.
The index is now tracking at 51.16, with the next visible point of resistance being at the 53.00 mark.
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Could ethereum climb above $1,900 this week? Leave your thoughts in the comments below.