Bitcoin was closing in on the $17,000 level on Friday, as cryptocurrency markets rebounded heading into the weekend. The token moved away from a recent support point of $16,200 in today’s session, as bulls reentered the market. Ethereum also moved higher, climbing back above $1,200.
Bitcoin (BTC) rebounded on Friday, as the token moved towards the $17,000 mark heading into the weekend.
Following a low of $16,479.99 in Thursday’s session, BTC/USD raced to an intraday high of $16,947.06 earlier today.
The move sees BTC move further away from its recent floor of $16,200, which was a point of stabilization following the volatility caused by the FTX collapse.
Looking at the chart, this surge 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 dipped, with the token currently trading at $16,760.43.
In order to extend its earlier run, bitcoin bulls will need to break the current ceiling on the RSI indicator.
Ethereum (ETH) was also back in the green in today’s session, as the token was once again trading above $1,200.
ETH/USD, which slipped 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 from a key floor of its own at 38.00, and as of writing, the metric is tracking at 40.46.
The 10-day (red) moving average also seems to have started to trend sideways, which signals the current price consolidation in the market.
ETH bulls will likely continue to target a rally above $1,300 should this floor hold during the weekend.
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Could we see ethereum climb back above $1,300 this weekend? Leave your thoughts in the comments below.