BTC Back Above $23,000 After Tesla Q4 Earnings Report – Market Updates

Bitcoin rallied back above $23,000 on Thursday following the release of Tesla's quarterly report. The report showed that Tesla held 9,720 Bitcoin worth $223 million. Ethereum was also higher as prices returned above $1,600, recovering from recent losses.

Bitcoin

Bitcoin ( Bitcoin ) rose to a new five-month high earlier in the session as markets reacted to Tesla's latest quarterly report.

The report, released after yesterday's closing bell, showed that the electric vehicle maker has not sold any of its bitcoins.

After the news, Bitcoin /USD raced to a high of $23,722.10, hitting its strongest point since August 17.

Looking at the chart, the movement looked like this Bitcoin Once again they break through a ceiling at $23,500, and this comes after colliding with a floor at $22,500.

Previous gains have eased somewhat, with the 14-day relative strength index (RSI) back in overbought territory.

As of this writing, the index is at 80.77, with a support point at 78.00, the next visible target.

ether

ether ( ETH ) also rebounded in today's session, with prices rising back above the $1,600 mark.

ETH /USD, which slipped to a low of $1,535.00 on Wednesday, raced to a high 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 above its recent resistance point at $1,600.

Like with Bitcoin Previous bulls have given up their positions somewhat and opted to take profits as prices have re-entered overbought territory.

Ethereum's 14-day RSI is currently at 67.07 and appears to be heading towards a ceiling at 75.00.

If this occurs, it is likely that ETH will collide with a cap of $1,685.

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Could today's price rally be extended into the weekend? Leave your thoughts in the comments below.

Eliman Damell

Eliman brings an eclectic viewpoint to market analysis. He was previously a brokerage director and online trading instructor. He currently serves as a commentator on various asset classes including crypto, stocks and forex, while also being the founder of a startup.

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