Ethereum traded back above $1,700 to start the weekend, as the cryptocurrency rebounded from Friday’s decline. The global cryptocurrency market cap rose in today’s session, as bulls moved to buy on yesterday’s dip. Bitcoin is also back in the green as the price approaches the $25,000 mark.
Bitcoin (BTC) moved towards the $25,000 mark on Saturday, as the cryptocurrency markets rebounded from yesterday’s declines.
After a low of $23,712.05 on Friday, BTC/USD raced to an intraday high of $24,924.04 earlier in the day.
As a result of the move, bitcoin once again broke out of the long-term resistance at $24,200.
In addition, the 14-day relative strength index (RSI) also moved above its resistance level of 65.00, after tracking near the 61.00 mark on Friday.
As of writing, price strength is currently at a reading of 65.29, with a cap at 70.00 a potential target for bulls on the rise.
The 10-day moving average (red) has also completely reversed course, and appears to be nearing a bullish crossover with its 25-day counterpart (blue).
If this happens, BTC could be above $26,000 before the end of the weekend.
Ethereum (ETH) has climbed back above the $1,700 level to start the weekend, with the bulls back in the barn.
The ETH/USD pair soared to a high of $1,716.78 earlier in the day, which comes after less than 24 hours of trading as low as $1,656.28.
The world’s second-largest cryptocurrency climbed back above the $1,675 price cap after the move.
At the time of writing, previous gains have somewhat waned, as a result of the RSI hitting a ceiling at 63.00.
Since this collision, price strength is now hovering at a reading of 60.44, with Ethereum trading at $1,693.41.
If the bulls fail to clear this hurdle, ETH is unlikely to reclaim $1,700 this weekend.
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