Bitcoin rose again to the $21,000 level on Friday as volatility in cryptocurrency markets remains high. After falling nearly 4% in Thursday’s session, global market capitalization is up 1.14% at the time of writing. This is despite news that crypto lender Genesis recently filed for bankruptcy. Ethereum also rebounded from Thursday’s lows to turn green.
Bitcoin
Bitcoin (BTC) rose higher on Friday as the world’s largest cryptocurrency rebounded from Thursday’s losses.
The rally comes despite news that crypto lender Genesis has filed for bankruptcy, following the likes of FTX.
BTC/USD rose to an intraday high of $21,175.24 earlier in the session today, following a low of $20,689.88 on Thursday.
BTC
The chart shows that today’s price rebound was due to the 14-day Relative Strength Index (RSI) returning above the 80.00 mark.
As of this writing, the index is at the 80.40 level and the next visible resistance is in the 88.00 zone.
ManyexpectBTCcould make another attempt to break out of the key resistance point at $21,400.
Ethereum
In addition to Bitcoin, Ethereum (ETH) also rebounded in today’s session as prices continue to move away from recent lows.
After hitting a low of $1,515.79 on Thursday,ETHETH/USD ran up to a peak of $1,559.55 earlier today, following a low of $1,515.79 on Thursday.
Today’s surge comes as ethereum continues to move away from its recent support point at the $1,500 level.
Similar to BTC
Like BTC, this move follows a dead cat bounce in the RSI indicator and price strength has recently rebound from the lows.
Currently, the indicator is tracking at the level of 74.64, slightly higher than the aforementioned 70.00 floor.
69} ETHbulls will likely target the resistance level currently at the $1600 level.
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