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BTC Back Above $21,000, Following Strong Chinese GDP Figures – Market Updates Bitcoin News

BTC Back Above $21,000, Following Strong Chinese GDP Figures – Market Updates Bitcoin News

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Bitcoin rallied back above $21,000 on January 17 as the market reacted to better-than-expected Chinese gross domestic product (GDP) numbers. The financial release comes as U.S. traders also returned to action after the Martin Luther King Jr. Day observation. Ethereum briefly rose above $1,600 earlier in the session.

Bitcoin

Bitcoin (BTC) bounced back above the $21,000 mark on Tuesday as markets reacted to China’s latest GDP numbers.

Figures from the world’s second-largest economy showed gross domestic product grew by 3 percent last year, which was 2.8 percent more than expected.

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

BTC/USD – Daily Chart

Looking at the chart, today’s price rally has pushed bitcoin closer to its long-term resistance level of $21,400.

This roof has been in place for the past two months and it broke a bit over the weekend.

The 14-day Relative Strength Index (RSI) is still hovering near the 90.00 ceiling, and if BTC bulls are to move above $21,400, this RSI ceiling must be breached first.

Ethereum

In addition to BTC, ethereum (ETH) edged higher in today’s session, briefly pushing above the $1,600 level

After hitting a low of $1,529.57 earlier this week, ETH/USD rose to an intraday high of $1,603 in the early hours of this morning.

Prices have since fallen, and at the time of writing, the world’s second largest cryptocurrency is trading at $1,569.75.

ETH/USD – Daily Chart

Overall, prices are significantly overbought and the upside seems to have peaked, so many expect that a turnaround may be coming.

Currently, the 14-day RSI is tracking at 83.84, the highest level since August 2020, when the price was below $1,200.

While long-term bulls remain, it is likely that Ethereum could move into consolidation until price strength is in a more neutral zone.

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Could we see Ethereum fall in the coming days? Leave your thoughts in the comments below.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and e-commerce trainer. He is currently a commentator on various asset classes including Crypto, Stocks and FX and is also a startup founder.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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