Cryptocurrencies were once again trading lower on Tuesday, as markets were mainly focused on surging commodity prices. Crude oil climbed to a 14-year high of over $130 per barrel, whilst gold was fast approaching its own all-time high.
Bitcoin
Bitcoin was trading below $40,000 on Tuesday, as the volatility surrounding the war in Ukraine continued to impact the world’s largest cryptocurrency.
Following a low of $37,260.20 during yesterday’s session, BTC/USD had a higher low of $37,851 so far today.
The price has since rallied, with bitcoin hitting an intraday high of $39,230, which is 0.80% lower than Monday’s peak.
This move comes as the newly found floor of $37,600 once again held firm, after several attempts at breakouts during last night’s session.
Despite remaining marginally oversold, and currently tracking at 45.6, the 14-day RSI looks to be headed for the 47 level, which has acted as resistance in the past.
Should price strength reach this level, BTC/USD would likely
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