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Bitcoin and ETH Are Slightly Higher as The USD Weakens

Bitcoin was trading modestly higher as crypto markets reacted to a weaker US dollar.

Following last week’s USD gain, the currency dropped to begin the month, allowing bitcoin bulls to return.

In today’s session, Bitcoin/USD reached an intraday high of $19,313.48 after trading at a floor of $18,970.62 over the previous 24 hours. The coin was slightly above the $19,300 resistance level, a historically uncertain area.

Today’s rebound came after the 2-week relative strength index (RSI) bounced off a crucial floor of 43.01. If this upward trend continues, prices could approach $20,000. ETH also shook off fears of a red October, rebounding after four straight down sessions.

Following a low of $1,271.14 on Sunday, the world’s second-largest crypto accelerated to a high of $1,308.91 to begin the week.

ETH/USD returned to its current resistance level of $1,314, which has mainly held since mid-September. Similarly to bitcoin, Ethereum’s 2-week RSI has recovered off a support level of 36.60 and appears to be moving towards resistance around 41.50.

If this occurs, the token will rise to a greater ceiling of $1,385 before perhaps rising back over $1,400. Miners have continued to raise their hashpower despite the reduced bitcoin (BTC) to the US dollar exchange rate and difficulty near the ATH. In reality, no computational network today has grown as the Bitcoin Network’s hashrate has grown over the last decade.

Bitcoin’s mining difficulty, like its hashrate, has climbed exponentially, growing three quadrillion percent since February 2, 2010, or over the last 4,625 days. More than 756,888 bitcoin blocks had been mined, with 1,831,949.97 BTC still available for mining. Bitcoin might expect positive momentum if it breaks through the barrier zone of $20,100 – $20,340.



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