Cryptocurrency Market

  • Market Cap: $2,507,378,281,430.67
  • 24h Vol: $110,041,605,187.66
  • BTC Dominance: 51.51%

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.

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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