Bitcoin surged to a five-month high over the weekend as bullish sentiment returned to the cryptocurrency market. The price of the world’s largest digital currency rebounded from a recent drop to $20,000 to rise above $23,000. Ethereum also rose, hitting its strongest point since September.
Bitcoin
Bitcoin (BTC) broke through the $23,000 level over the weekend, sending prices to their highest level in months.
After hitting a low of $20,961.21 on Friday,BTC/USD rose to an intraday peak of $23,249.89 earlier today.
With today’s rally, bitcoin surged to its highest level since August 24, when it was trading at a high of $23,600 at the time.
BTC
As you can see from the chart, the 14-day relative strength index (RSI) has moved back toward the 90.00 ceiling.
The index is now at the 86.30 level and the earlier rally has faded somewhat as traders are working to secure profits.
At the time of writing,40} BTC is trading at $22,902.03, remaining about 9.27% higher than yesterday’s low.
Ethereum
Like Bitcoin, Ethereum (ETH) also surged on Saturday, rising to its highest level in the past four months.
ETH/USD hit a high of $1,674.18 earlier in the day after bottoming at $1,550.03 on Friday.
As a result of this move, Ethereum retook a high not seen since September 13, the last time it traded above $1,700.
Prices are currently below this threshold, but a resurgence of bullish momentum on Saturday could lead to a further surge this weekend.
This surge has put the 10-day (red) moving average back in an uptrend and has widened the distance between it and the 25-day (blue) moving average.
Overall, Ethereum is up 6.28% at the time of writing.
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