- Bitcoin and Ethereum markets rebound on Saturday with prices nearing the $25,000 mark and moving back above $1,700 respectively.
- Bitcoin moved toward the $25,000 mark as crypto markets rebounded from Friday’s declines.
- Ethereum, meanwhile, moved to a peak of $1,716.78 earlier in the day.
Cryptocurrency Markets Rebound on Saturday
Saturday saw cryptocurrencies rebound from Friday’s decline, with Bitcoin and Ethereum once again trading above their respective price points of $25,000 and $1,700. The global crypto market cap rallied in today’s session as bulls moved to buy yesterday’s dip.
Bitcoin Climbs Toward the $25K Mark
Following 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 this move, bitcoin once again broke out of its long-term resistance level at the $24200 point. The 14-day relative strength index (RSI) also moved back above its own resistance level at 65.00 after tracking near the 61.00 mark on Friday. As of writing this, price strength is currently at a reading of 65.29 with a ceiling at 70.00 being a possible target for bulls should they manage to cross it before the weekend ends.
Ethereum Moves Above $1,700 Level
ETH/USD moved to a peak of $1,716.78 earlier in the day which comes less than 24 hours after trading at a low of 1$65628 .The world’s second largest cryptocurrency climbed back above a price ceiling of 1675 following this move . However ,price strength has since eased somewhat due to RSI colliding with a ceiling at 63 . 00 resulting in price strength hovering around 60 . 44 while Ethereum trades at 1$693 . 41 If bulls fail to move beyond this hurdle it is unlikely that ETH will re-capture 1700 before Sunday ends .
AnalysisThe 10 – day ( red ) moving average has also shifted course and looks to be nearing an upward cross with its 25 – day ( blue ) counterpart . Should this occur , BTC could be above 26000 before Sunday evening . On Ethereum’s end , should bulls manage to push past RSI’s 63 level , ETH could be back over 1700 by then too .
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As markets rebound on Saturday , both Bitcoin and Ethereum have risen back to their respective levels near 25k and 1700 respectively with bullish sentiment prevailing across crypto markets today . Price movements however remain dependent upon how successfully traders can break through either coin’s respective resistances before Sunday arrives so make sure you stay up-to-date !