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Bitcoin, Ethereum Surge: Bulls Reject Breakout of Key Support Level

• Bitcoin (BTC) rebounded from Monday’s lows in today’s session, with prices racing back above the $23,000 level.
• Ethereum (ETH) has continued to find stability, with prices edging higher today.
• Bulls have so far rejected a move towards a long-term support point at $22,500 for Bitcoin and instead pushed prices higher for both BTC and ETH.

Bitcoin Technical Analysis

Bitcoin (BTC) rebounded from Monday’s lows in today’s session, with prices racing back above the $23,000 level. Bulls have so far rejected this move towards $22,500 and instead pushed prices higher. Looking at the chart, today’s rebound sees BTC snap a five-day losing streak which came following a six-month high last Thursday. The 14-day relative strength index (RSI) bounced from a floor of its own at 60.00 and is now tracking at 62.04.

Ethereum Technical Analysis

Since rejecting a move below $1,600 on Monday, ethereum (ETH) has continued to find stability with prices edging higher today. ETH/USD moved to a peak of $1,653.72 to start the day which comes less than 24 hours after falling to a bottom at $1,611.32. One of the reasons behind this jump has also been the RSI which failed to move below a floor at 58.00 and is now at 60