Bitcoin was closing in on the $17,000 level on Friday, as cryptocurrency markets rebounded heading into the weekend. The token moved away from a recent support point of $16,200 in today’s session, as bulls reentered the market. Ethereum also moved higher, climbing back above $1,200.
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend
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Bitcoin
Bitcoin ( BTC) rebounded on Friday, as the token moved towards the $17,000 mark heading into the weekend.
Following a low of $16,479.99 in Thursday’s session, BTC/USD raced to an intraday high of $16,947.06 earlier today.
The move sees BTC move further away from its recent floor of $16,200, which was a point of stabilization following the volatility caused by the FTX collapse.
Looking at the chart, this surge has pushed BTC closer to a ceiling of 38.30 on the 14-day relative strength index ( RSI).
As a result of this collision, prices have since dipped, with the token currently trading at $16,760.43.
In order to extend its earlier run, bitcoin bulls will need to break the current ceiling on the RSI indicator.
Ethereum
Ethereum ( ETH) was also back in the green in today’s session, as the token was once again trading above $1,200.
ETH/USD, which slipped below this level on Thursday following a strengthening USD, rose to a high of $1,224.97 earlier today.
As a result of this move, the world’s second largest cryptocurrency moved back above a recent support point of $1,220.
This comes as the 14-day RSI bounced from a key floor of its own at 38.00, and as of writing, the metric is tracking at 40.46.
The 10-day (red) moving average also seems to have started to trend sideways, which signals the current price consolidation in the market.
ETH bulls will likely continue to target a rally above $1,300 should this floor hold during the weekend.
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Could we see ethereum climb back above $1,300 this weekend? Leave your thoughts in the comments below.
