BTC, ETH Rebound on Friday, After Volatile Week of Trading – Bitcoin News
Bitcoin was back in the green on Friday, with prices once again moving above the $17,000 level. Cryptocurrencies were mostly higher in today’s session as prices rebounded from recent losses. Ethereum also rallied earlier in the day, climbing closer to the $1,300 level.
Bitcoin
Bitcoin (BTC) climbed higher in today’s session, with the coin rising back above the $17,000 level.
After a low of $16,788.78 on Thursday, BTC/USD rallied to an intraday high of $17,274.60 earlier in the day.
The move saw bitcoin rally above the $17,200 resistance level, hitting a five-day high in the process.
Looking at the chart, BTC has since pulled back from previous highs as bullish momentum waned soon after the breakout.
At the time of writing, the relative strength index (RSI) is now at 50.93, which is marginally below a ceiling of 52.00.
Should the index continue to move higher, the next target for bulls is likely to be the $17,600 point.
Ethereum
In addition to bitcoin, ethereum (ETH) also rose in today’s session, with prices recovering from recent losses.
ETH/USD moved to a high of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.
As a result of today’s move, the coin approached a key resistance level of $1,305, rising to its highest point since Monday in the process.
For now, it looks like ethereum bulls are aiming for a move beyond the $1300 mark, but a ceiling on the RSI seems to be in the way.
At the time of writing, the index is following at 52.00, which has also been a key point of resistance in the past.
Bulls need to overcome this hurdle first, to send prices towards the targeted $1300 level.
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What has been behind today’s rise in cryptocurrency prices? Leave your thoughts in the comments below.
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