Bitcoin has $20,000 back in sight after closing at 10-day highs

Wednesday's session ended on a bullish tone for Bitcoin´s price. Despite a correction of 7.5% and 8% for Ethereum after Tuesday's rally, the market's most traded digital currency closed at a 9-session high of $19,430, according to CoinMarketCap. lt maintains these levels on Thursday, which puts $20,000 back within reach for Satoshi Nakamoto's creation.

As for Ethereum, its situation is a carbon copy of Bitcoin´s. Its price recovers after Wednesday's falls and hovers above $1,330. The rest of the 'altcoins' also leave advances in the last 24 hours and the total capitalization recovers to $940 billion, from just $910 billion on Wednesday.

Technical analysis also indicates that Bitcoin found many buyers around $18,500 against the US dollar and the price is now above the 100-hour moving average. The price analysis is bullish today as we currently see a reversal in progress after a quick drop to the $1,450 support. Therefore, Ethereum should soon break above the $1,500 resistance.

Since last week's 'crypto' pullback to $18,100, spurred by the US Federal Reserve's latest interest rate hike, the major cryptocurrency settled at around $19,000. It actually spent most of the weekend around this level, with little or no movement.

On Monday, the asset dropped to $18,600. However, it went on the offensive on Tuesday and soared more than $1,500 in a matter of hours, to a 12-day high of more than $20,300.

At that point, however, reports began to emerge that traders placed sell orders at $20,000, suggesting that the price was going to fall. It did, and Bitcoin plummeted back down to $18,500 hours later. Experts like Avatrade's Naeem Aslam referenced an episode of "manipulation" and 'pump and dump', as "the price rose for the first few hours creating false hopes of a recovery in the cryptocurrency market."

"That said, what is quite surprising in the digital asset market is that while everything has been falling off a cliff over the past few days, we have seen a big consolidation for Bitcoin," the expert commented. "This is surprisingly interesting as the stock market in the US - a market highly correlated with that of digital tokens - made another yearly low; Bitcoin is actually holding and is still far from its lows for the year. Traders should pay close attention to this," he added.

"On the one hand, the risk environment is very unfavorable, but we are seeing substantial support around $17,500-$18,500," noted Craig Elam, analyst at Oanda. "If this holds, the rebound could be strong. The question is how long it can hold if risk assets continue to fall," he added.