BTC Over $20,000, ETH Beyond $1,400 on Saturday – Market Updates Bitcoin News
Bitcoin surged back above $20,000 on Saturday, despite markets still reeling from the collapse of yet another banking institution. Silicon Valley Bank was shut down by US regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also bounced back on Saturday.
Bitcoin
Bitcoin (BTC) surged back above $20,000 on Saturday, despite overall financial market volatility at historic highs.
This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was closing Silicon Valley Bank.
Despite this, BTC/USD rallied to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25.
Overall, today’s marginal price gain comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level.
At the time of writing, the index is trailing at 28.46, with bitcoin at $20,279.45, as earlier gains have faded.
Market volatility is likely to remain higher in the coming days, leading bitcoin to move above and below $20,000 throughout the weekend.
Ethereum
Ethereum (ETH) was also significantly higher to start the weekend, as prices climbed back above $1,400.
After hitting a two-month low of $1,378.53 yesterday, ETH/USD moved to a high of the $1,481.32 level on Saturday.
The move comes as Ethereum bulls bought yesterday’s dip, as price strength moved deep into oversold territory.
Friday saw ethereum’s RSI fall to 28.30, which was its weakest point since June last year, but the index has since rallied.
At the time of writing, it is now tracking at 32.26, and appears to be headed for a long-term floor at 34.00.
Should it reach this point, there is a strong possibility that ethereum will be back above $1500.
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Will today’s return extend into the rest of the weekend? Leave your thoughts in the comments below.
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