Bitcoin and Ethereum Surge as China’s GDP Figures Beat Expectations

• Bitcoin (BTC) rose back above the $21,000 mark on Tuesday, as markets reacted to the latest GDP figures from China.
• Ethereum (ETH) climbed higher in today’s session, with prices briefly moving beyond the $1,600 level.
• Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning.

The cryptocurrency market was able to take some solace in better-than-expected Chinese GDP figures on Tuesday, as Bitcoin and Ethereum both enjoyed a steady rise in prices.

Bitcoin (BTC) was able to reclaim the $21,000 level on the back of the news, rising to a high of $21,360.87 earlier in the day. The 14-day relative strength index (RSI) continues to hover close to a ceiling of 90.00, and should BTC bulls intend to climb above $21,400, this ceiling on the RSI must first be broken.

Ethereum (ETH) also saw positive movement in the session, with prices briefly moving beyond the $1,600 level. Following a low of $1,529.57 to start the week, ETH/USD surged to an intraday peak of $1,603 in the early hours of this morning. Prices have since slipped, and as of writing, the world’s second largest cryptocurrency is trading at $1,569.75.

Overall, with prices significantly overbought, and with bullish momentum seemingly at its peak, many expect a reversal could be on its way. Currently, the market is in a period of consolidation, and it will be interesting to see how these prices move in the coming days. If the bulls are able to break through current resistance levels, we could see both Bitcoin and Ethereum reach new all-time highs. On the other hand, if the bears take control, we could see some significant selloffs in the near term.