Bitcoin, Ethereum teknisk analyse: BTC Above $20,000, ETH Beyond $1,400 on Saturday

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Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday.

Bitcoin

Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs.

This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank.

Despite this, BTC/USD raced to an intraday high of $20,792.53, Mindre end 24 hours after trading at a low of $19,628.25.

Bitcoin, Ethereum Technical Analysis: BTC Under $20,000, ETH Sinks Below $1,400 on Friday
BTC/USD – Dagligt diagram

Overall, today’s marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level.

I skrivende stund, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased.

Market volatility will likely remain higher in the coming days, leading to bitcoin moving above and below $20,000 throughout the weekend.

Ethereum

Ethereum (ETH) was also significantly higher to start the weekend, as prices rose back above $1,400.

Following a two-month low at $1,378.53 yesterday, ETH/USD moved to a peak at the $1,481.32 level on Saturday.

The move comes as ethereum bulls bought yesterday’s dip, as price strength moved deep into oversold territory.

Bitcoin, Ethereum Technical Analysis: BTC Under $20,000, ETH Sinks Below $1,400 on Friday
ETH/USD – Dagligt diagram

Friday saw ethereum’s RSI fall to 28.30, which was its weakest point since last June, however the index has since rallied.

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Som i skrivende stund, it is now tracking at 32.26, and appears to be heading towards a long-term floor at 34.00.

Should it reach this point, there is a strong possibility that ethereum will be back above $1,500.

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Tags i denne historie

Will today’s rebound extend into the remainder of the weekend? Efterlad dine tanker i kommentarerne nedenfor.

Elijah Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Aktier og valuta, whilst also a startup founder.




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