Bitcoin moved above $30,000 late on Tuesday, as markets reacted to the news that rating agency Moody’s had downgraded several U.S. banks. The list includes State Street, Northern Trust, and Bank of New York Mellon. Ethereum was marginally higher.
Bitcoin
Bitcoin (BTC) briefly rose back above the $30,000 level late last night, as markets reacted to the Moody’s downgrade of several U.S. small and mid-sized banks.
Following a low of $29,261.66 earlier in the day, BTC/USD raced to a high of $30,176.80 as the session matured.
This was the highest point bitcoin had hit since July 20, when the price peaked at a level of $30,421.
Previous gains have since slipped, and as of writing, the cryptocurrency is trading at $29,791.72.
On a technical front, one of the catalysts of the move appeared to be a breakout which took place at the 52.00 resistance level on the relative strength index (RSI).
The RSI is now tracking at 55.39, with a ceiling at 57.00 upcoming.
Ethereum
Although ethereum (ETH) was also higher, its own gains were somewhat muted, in comparison to those of BTC.
ETH/USD peaked at the $1,873.85 level yesterday, which came after an earlier drop to a low of $1,831.08.
The move pushed ethereum to its strongest level since last Wednesday, however it was not enough to send the price back above $1,900.
This latest rally also led to price strength colliding with a resistance point at 50.00, where it continues to sit at present.
In order to make a leap towards the $1,900 zone, this ceiling on the RSI will first need to be broken.
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Will more bulls reenter the market following the Moody’s downgrade? Leave your thoughts in the comments below.
