After two consecutive days of losses, bitcoin and ethereum both rebounded strongly to start the weekend. Crypto markets were trading almost 5% higher on Saturday.
Bitcoin
The world’s largest cryptocurrency regained some upward momentum on Saturday, as bitcoin bulls appeared to have re-entered the race.
BTC/USD hit 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.
Although it remained oversold, the breakout invigorated traders who had been 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 possibility for the RSI to reach its next resistance point 41, may be enough to send the 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% 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 10-day (red) and 25-day (blue) moving averages were still down, but as the RSI moves higher, many will start to anticipate a potential crossover.
If this occurs, some may begin to target a range of $2,800 – $3,000.
