Bitcoin Closes to $17,000 Levels on Friday was As the cryptocurrency market rallied heading into the weekend. The token broke away from the recent support point of $16,200 in today’s session as the bulls re-entered the market. Ethereum also rose, breaking above $1,200.
Bitcoin
Bitcoin (BTC) rallied on Friday as the token moved towards the $17,000 mark heading into the weekend.
After a low of $16,479.99 in Thursday’s session,BTC/USD plummeted to his intraday high of $16,947.06 today.
This move pushedBTC further away from the recent low of $16,200. This was a stabilization point following the volatility caused by the FTX collapse.
The 14-day Relative Strength Index (RSI) is approaching the 38.30 ceiling.
As a result of this collision, the price has since fallen and the token is now trading at $16,760.43.
Bitcoin bulls need to break out of the current cap of the RSI indicator to extend their previous run.
Ethereum
Ethereum (ETH) also returned to green in today’s session. It is trading above $1,200 again.
ETH/ USD fell below this level on Thursday on the strength of the USD, but today he climbed to a high of $1,224.97.
As a result of this move, the world’s second largest cryptocurrency climbed above its recent support point of $1,220.
This is because the 14-day RSI bounced off its own key floor . 38.00, at the time of writing the indicator is tracking 40.46.
The 10-day (red) moving average line also seems to have started to turn sideways, indicating a price correction in the current market.
ETH bulls will continue to target gains above $1,300 if the floor holds for the weekend.
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