BTC Back Above $21,000 Despite Genesis Bankruptcy – Market Updates Bitcoin News
Bitcoin crept back to the $21,000 level on Friday as volatility in the cryptocurrency market remained high. After falling nearly 4% in Thursday’s session, the global market cap is up 1.14% at the time of writing. This comes despite the news that crypto lender Genesis has recently filed for bankruptcy. Ethereum was also in the green as it recovered from Thursday’s lows.
Bitcoin
Bitcoin (BTC) climbed higher on Friday, as the world’s largest cryptocurrency rebounded from Thursday’s losses.
The rally comes despite news that crypto lender Genesis has filed for bankruptcy, following the likes of FTX.
BTC/USD rose to an intraday high of $21,175.24 earlier in today’s session, coming off a low of $20,689.88 on Thursday.
Looking at the chart, today’s rally in price came as the 14-day relative strength index (RSI) moved back above the 80.00 mark.
At the time of writing, the index is at the 80.40 level, with the next visible resistance level at the 88.00 zone.
Many expect BTC to make another attempt to break out of a key resistance point at $21,400.
Ethereum
In addition to bitcoin, ethereum (ETH) also bounced back during today’s session, with prices continuing to move away from a recent floor.
After a low of $1,515.79 on Thursday, ETH/USD rallied to a high of $1,559.55 earlier in the day.
Today’s rise comes as ethereum continues to move away from a recent support point at the $1,500 level.
Like BTC, the move comes after a dead cat bounce on the RSI indicator, with price strength rebounding from a recent low.
Currently, the index is following a level of 74.64, which is marginally higher than the mentioned floor of 70.00.
ETH bulls will likely now target a resistance level at the $1,600 level.
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