As traders reacted to the most recent Bank of Japan policy decision, Bitcoin (BTC) moved closer to the $17,000 mark on Tuesday.
Earlier today, less than 24 hours after it hit a low of $16,398.14, BTC/USD soared to a high of $16,837.65.
With today’s move, the token broke through a crucial resistance level of $16,700, causing prices to increase to a four-day high.
The surge occurred as the 14-day relative strength index (RSI) broke through a ceiling at the 46.00 level, according to the chart.
The index is at its highest point since last Thursday as of this writing, tracking at the 46.61 level.
If the index maintains its upward trend, BTC is probably going to surpass $17,000 in the upcoming days.
Ethereum
Along with bitcoin, Ethereum (ETH) trended upward on Tuesday, rising back into the $1,200 range.
ETH/USD accelerated to a peak of $1,214.73 earlier in the day after hitting a low of $1,160.38 to start the week.
This is true despite the fact that the 10-day (red) and 25-day (blue) moving averages recently crossed downward.
As of this writing, the second-largest cryptocurrency in the world appears destined to run into stronger resistance at the $1,230 level.
However, given that the 14-day RSI is currently sitting directly below a ceiling at 47.00, this could prove to be difficult.
More ETH bulls will probably return to the market if this important barrier is broken.