As LUNA’s life support was virtually shut down on Friday, BTC and ETH rose, with prices up 10%. Today’s price surge has allowed bitcoin to climb above $30,000, and ETH is trading back above the $2,000 level.
Bitcoin rebounded and traded higher in today’s session as markets recovered slightly from the sell-off earlier in the week.
After a series of declines over seven of the past eight days, the world’s largest cryptocurrency was on the plus side Friday.
BTC/USD rose to an intraday high of $30,921.27 earlier in today’s session, with prices up 10% in the midst of the rally.
Today’s surge came after prices nearly dropped below $26,000 during yesterday’s stretch, the lowest level for BTC since late 2020.
Looking at the chart, it appears that a price bottom has been found, with the $28,860 point acting as support, and it was at this level that today’s rally began.
We are currently trading at $30,727.01, which is 8.75% above yesterday’s low, and some bulls are probably targeting the $32,500 ceiling as an exit point.
ETH also rebounded from multi-month lows on Friday, as prices traded back above the $2,000 level.
After a low of $1,874.51 in Thursday’s session, the world’s second-largest token is up more than 10% today, hitting a high of $2,128.34.
Similarly BTC, ethereum appears to have found its own bottom, using the $1,950 mark as a springboard for today’s rally.
Despite this sharp rise in price, ETH/USD is still oversold and near the 33 level, which is also a long-term resistance point.
If this ceiling is broken, we could see the bulls aim for the $2,350 level, a level that some consider a ceiling.
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