Bitcoin was trading marginally higher on Nov. 15, as the U.S. dollar continued to weaken, dropping to multi-month lows versus several G7 currencies. The decline of the dollar overshadowed tweets from FTX’s Sam Bankman-Fried, who cryptically tweeted “What happened” to his 1 million followers.
Bitcoin (BTC) rose back above $17,000 on Tuesday, as the U.S. dollar weakened on reports that the Federal Reserve could be set to pivot its hawkish policy.
Following a low of $16,267.33, BTC/USD raced to an intraday high of $17,109.32 earlier in today’s session.
The weaker dollar was a catalyst for the move, as markets seemed to have ignored cryptic tweets from Sam Bankman-Fried.
Looking at the chart, BTC seems to have settled on a floor (for now) of $15,800, using this as a springboard to securing consecutive higher highs.
BTC has since moved back below $17,000, as the 14-day relative strength index (RSI) neared a key resistance level of 39.00.
Bulls may face difficulty extending these recent gains, unless the index moves past this upcoming hurdle.
In addition to bitcoin, ethereum (ETH) also edged higher, with prices moving closer to the $1,300 region.
ETH/USD surged to a peak of $1,284.22 on Tuesday, which comes less than 24 hours after trading at a bottom of $1,214.10.
The world’s second largest cryptocurrency has now risen for a second consecutive session, despite recent bearish sentiment.
Overall, market sentiment continues to remain bearish, with the 10-day (red), and 25-day (blue) moving averages still trending lower.
Like with BTC above, the RSI here is close to a ceiling of its own at 43.00, with traders beginning to vacate positions as a result.
As of writing, ETH/USD is trading at $1,265.79, which is marginally below its earlier highs.
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Is there still a possibility that ethereum will fall below $1,000 this week? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
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