Cryptocurrency markets saw a resurgence on Feb. 7 as prices rebounded from a close call with a major support level. The bulls rejected a move to $22,500, and instead pushed values up. Ethereum also saw a hike, trading above $1,600.
Bitcoin
Bitcoin (BTC) has made a comeback from Monday’s session low, with values now standing at over $23,000, surpassing the prior session.
The lowest point of the day was $22,692.03, but BTC/USD eventually bounced to a high of $23,119.28.
The move was rejected by bitcoin bulls. A descent to the $22,500 long-term support level was made, but then bought up in a reversal.
A look at the chart shows that BTC has broken a five-day losing streak with the current bounce. This happened after a six month high last Thursday.
The Tuesday reversal also coincided with the 14-day relative strength index (RSI) bouncing from a low of 60.00.
At the time of writing, the index is at 62.04, and looks to be heading towards a high of 68.00.
Ethereum
Since rejecting a move below $1,600 on Monday, Ethereum (ETH) has been striving for stability, with the current prices now on the rise.
The ETH/USD exchange rate jumped to a high of $1,653.72 in the morning, up from the $1,611.32 seen 24 hours prior.
This was helped along by the RSI not dropping below the 58.00 support line, currently trading at 60.16.
