Bitcoin bounced back from a near two-month low on Saturday, as bulls moved in to buy the recent dip in price. Saturday’s move came as the cryptocurrency rebounded from a recent support point, after yesterday’s breakout. Ethereum was also higher, climbing above $1,800.
Bitcoin
Bitcoin (BTC) moved away from a recent two-month low on Saturday, as bulls opted to buy the recent dip.
After falling to a low of $25,878.43 on Friday, BTC/USD rose to an intraday high of $26,989.07 earlier in the day.
Today’s rebound sees bitcoin jump back above a key support point at $26,500, following Friday’s breakout.
From the chart, it appears that this took place as the 14-day relative strength index (RSI) found a floor of its own at 36.00.
At the time of writing, price strength is tracking at 37.99, with a ceiling at 43.00 a possible target.
Should bulls lead the charge to this point, it is likely that bitcoin will be back above the $27,000 level this weekend.
Ethereum
Ethereum (ETH) was back above a key price level to start the weekend, as it once again rose above the $1,800 mark.
ETH/USD hit a peak of $1,816.06 in today’s session, less than 24 hours after declining to a low at $1,747.94.
Bulls have seemingly taken yesterday’s move to a multi-week low as an opportune moment to increase position sizes in ETH.
Like with BTC, this was helped by the fact that RSI found a stable point of support, which in the case of ethereum was at the 41.00 zone.
From the floor, price strength is now tracking close to a ceiling at 45.00, and should this be broken, ETH will possibly move back above a key point at $1,830.
Register your email here to get weekly price analysis updates sent to your inbox:
Could ethereum and bitcoin continue to climb this weekend? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer