Bitcoin, Ethereum Technical Analysis: BTC Back Above $23,000 Following Tesla Q4 Earnings Report

Bitcoin rallied back above $23,000 on Thursday, following the release of Tesla’s quarterly earnings report. The report showed that Tesla was holding 9,720 bitcoin, worth $223 million. Ethereum was also higher, as prices were back above $1,600, rebounding from recent losses in the process.

Bitcoin

Bitcoin (BTC) moved to a fresh five-month high earlier in the session, as markets reacted to Tesla’s latest quarterly earnings report.

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The report, which was released after yesterday’s closing bell, showed that the electric vehicle maker did not sell any of its bitcoin.

Following the news, BTC/USD raced to a high of $23,722.10, hitting its strongest point since August 17 in the process.

Looking at the chart, the move saw BTC once again break out of a ceiling at $23,500, and this comes after colliding with a floor at $22,500.

Earlier gains have somewhat eased, with the 14-day relative strength index (RSI) back in overbought territory.

As of writing, the index is tracking at 80.77, with a support point at 78.00 the next visible target.

Ethereum

Ethereum (ETH) also rebounded in today’s session, with prices moving back above the $1,600 level.

ETH/USD, which slipped to a bottom of $1,535.00 on Wednesday, raced to a peak of $1,632.24 later in the day, following Tesla’s earnings call.

As a result of the move, the world’s second largest cryptocurrency rose past its recent resistance point at $1,600.

Like with BTC, previous bulls have somewhat abandoned their positions, opting to take profits as prices reentered overbought territory.

Ethereum’s 14-day RSI is currently sitting at 67.07, and appears to be heading for a ceiling at the 75.00 mark.

Should this occur, it is likely that ETH will collide with a ceiling at $1,685.

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Could today’s rebound in price be extended into the weekend? Leave your thoughts in the comments below.

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