BTC Approaches $17,000 Heading Into Weekend – Market Updates Bitcoin News
Bitcoin approached the $17,000 level on Friday, as cryptocurrency markets rebounded towards the weekend. The token moved away from a recent support point at $16,200 in today’s session as bulls re-entered the market. Ethereum also moved higher, climbing back above $1,200.
Bitcoin
Bitcoin (BTC) bounced back 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 rallied to an intraday high of $16,947.06 earlier today.
The move sees BTC moving further away from its recent floor of $16,200, which was a stabilization point after the volatility caused by the FTX collapse.
Looking at the chart, this increase has pushed BTC closer to a ceiling of 38.30 on the 14-day Relative Strength Index (RSI).
As a result of this collision, prices have since fallen, with the token currently trading at $16,760.43.
To extend their previous run, bitcoin bulls need to break the current ceiling on the RSI indicator.
Ethereum
Ethereum (ETH) was also back in the green in today’s session, as the token once again traded above $1,200.
ETH/USD, which fell below this level on Thursday following a strengthening USD, rose to a high of $1,224.97 earlier today.
As a result of this move, the world’s second largest cryptocurrency moved back above a recent support point of $1,220.
This comes as the 14-day RSI bounced off a key floor of its own at 38.00, and at the time of writing the calculation is tracking at 40.46.
The 10-day (red) moving average also appears to have started to trend sideways, signaling ongoing price consolidation in the market.
ETH bulls are likely to continue targeting a rally above $1,300 if this floor holds over the weekend.
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Could we see ethereum climb back above $1300 this weekend? Leave your thoughts in the comments below.
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