Bitcoin snapped a two-day losing streak on Thursday, as prices of the cryptocurrency rebounded at a key point of support. The current price uncertainty in markets comes as global inflation continues to hover close to historical highs. Ethereum was also back in the green in today’s session.
Bitcoin
Following two days of consecutive declines, bitcoin (BTC) rose higher in today’s session, moving away from its recent floor below $19,000.
On Wednesday, the world’s largest cryptocurrency fell to an intraday low of $18,971.46, however the token rebounded earlier today.
So far in Thursday’s session, BTC/USD has hit a peak of $19,280.68 as the bulls rejected a breakout below a key floor of $18,900.
Looking at the chart, the relative strength index (RSI) of 14-days also moved closer to its own floor of 43.70, however the index has since moved away from this point.
As of writing, the index is tracking at 45.68, with the next visible point of support being the 48.00 mark.
Should this level be...
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