Bitcoin On January 17, the value of BTC surged to $21,000 following the release of stronger-than-expected Chinese Gross Domestic Product (GDP) figures. Ethereum The price of ETH also registered a breakout, briefly climbing to $1,600 during the same session.
Bitcoin
Bitcoin (BTC) soared above the $21,000 mark on Tuesday as markets reacted to the new GDP numbers released by China.
Figures showed that the world’s second-largest economy saw its gross domestic product rise by 3% last year, outperforming the forecasted 2.8%.
The news caused BTC/USD to rise to $21,360.87 earlier today, just a day after it fell to $20,715.75.
Analyzing the chart, today’s price surge has pushed Bitcoin closer to its long-term resistance level of $21,400.
The ceiling has been in place for two months, and was only briefly broken over the weekend.
The 14-day Relative Strength Index (RSI) is currently at 90.00. If BTC bulls want to push beyond $21,400, they must break this ceiling first.
Ethereum
Both BTC and ETH rallied higher today, with prices briefly surpassing the $1,600 mark.
After opening the week at a low of $1529.57, the intraday high for ETH/USD was $1,603 in the early hours of this morning.
Since then, the price of Ethereum has declined to $1,569.75, making it the second-largest cryptocurrency in the world.
