Ethereum was trading above $1700 again to start the weekend as the cryptocurrency rebounded from Friday’s drop. Global crypto market caps rose in today’s session as bulls moved to buy yesterday’s dip. Bitcoin also returned to the green, with prices approaching the $25,000 mark.
Bitcoin
Bitcoin (BTC) moved toward the $25,000 mark on Saturday as the crypto market rebounded from yesterday’s decline.
After hitting a low of $23,712.05 on Friday,BTC/USD rose to an intraday high of $24,924.04 later in the day.
As a result of this move, bitcoin once again broke through a long-term resistance level at $24,200.
In addition to this, the 14-day Relative Strength Index (RSI) also returned above its own resistance level of 65.00 after hovering around the 61.00 mark on Friday.
As of this writing, price strength now points to 65.29, with a ceiling of 70.00 a possible bullish target.
The 10-day moving average (red) has also completely corrected course and appears to be approaching an upward cross with the 25-day moving average (blue).
If this occurs,BTCcould be above $26,000 before the weekend is over.
Ethereum
(ETH) rallied above the $1,700 level to start the weekend and the bulls are back.
ETH’s/USD moved to a peak of $1,716.78 earlier in the day, less than 24 hours after trading at a low of $1,656.28.
The world’s second-largest cryptocurrency followed the move by once again exceeding its price ceiling of $1,675.
At the time of this writing, the earlier rally has eased somewhat as a result of the RSI’s collision with the 63.00 ceiling.
Since this collision, price strength has now hovered at a reading of 60.44, with Ethereum trading at $1,693.41.
If the bulls can’t move past this hurdle, it is unlikelythat ETHwill reacquire $1,700 this weekend.
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