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, Ethereum Technical Analysis: BTC Climbs to $17,000 as Weaker USD Overshadows SBF's Cryptic Tweets
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Bitcoin
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.
Ethereum
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.
