Bitcoin Rebounds Above $34,000
Bitcoin has bounced back above the $34,000 level after a period of consolidation. On Saturday, the cryptocurrency reached an intraday high of $34,201.77, breaking a two-day losing streak. Despite recent uncertainty, the 14-day relative strength index (RSI) remains in bullish territory, currently tracking at 81.21. If the RSI holds above 80.00 throughout the weekend, there may be another push towards the $35,000 level.
Ethereum Makes a Comeback
Ethereum has also seen a recovery, with its price rising towards the $1,800 level to start the weekend. After hitting a low of $1,751.44 on Friday, ETH/USD peaked at $1,796.57 on Saturday. This marks the ninth session out of ten that Ethereum has traded higher. The 10-day moving average is trending upward against the 25-day moving average on the chart. The RSI found support at 68.00 and currently stands at 69.94. Despite being overbought, bulls are expected to continue pushing for further gains towards $1,800.
Hot Take: Bitcoin and Ethereum Show Resilience
Both Bitcoin and Ethereum have shown resilience in their recent price movements. Despite some consolidation and uncertainty, both cryptocurrencies have managed to rebound from their lows and make gains over the weekend. The RSI indicators for both Bitcoin and Ethereum suggest that there is still bullish momentum in the market. While there may be some resistance ahead, it is likely that bulls will continue to push for higher levels in the near term.
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