Following two consecutive days of losses, bitcoin and ethereum both rebounded strongly to start the weekend. Crypto markets were trading close to 5% higher on Saturday.
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Bitcoin
The world’s largest cryptocurrency regained some upward momentum on Saturday, as bitcoin bulls appeared to have re-entered the race.
BTC/USD rose to an intraday high of $37,952.88 on Saturday, following a low of $36,211.11 earlier in the session.
Today’s rally comes as bitcoin appears to have broken above the key RSI level of 30, and now tracks north of 35 on the indicator.
Despite remaining oversold, the breakout invigorated traders who were hoping to take BTC/USD to the $40,000 resistance level.
Overall and long-term, the BTC/USD chart is still positioned within a descending triangle. However, the recent shorter-term ascending run has created a slight bottleneck in price.
This, along with the potential for the RSI to rise to its next resistance point 41, may be enough to send price to, and potentially above, $40,000.
Bulls could attempt to reach this point throughout the course of the weekend.
Ethereum
ETH was trading over 8% higher during today’s session, hitting its recent resistance level of $2,570 in the process.
Saturday’s rally saw ETH/USD climb to an intraday high of $2,576.46, which is its highest point since Thursday.
Looking at the chart below, the moving averages of 10-days (red), and 25-days (blue), were still declining, however as the RSI tracks higher, many will begin to anticipate a potential cross.
If this occurs, some may begin to target a range of $2,800 – $3,000.
Has the bear run in ETH cooled off for now? Leave your thoughts in the comments below.