Bitcoin surged to a five-month high to start the weekend, as bullish sentiment returned to cryptocurrency markets. Prices of the world’s largest digital currency rose above $23,000, rebounding from a recent drop towards $20,000. Ethereum also rallied, as it hit its strongest point since September.

Bitcoin

Bitcoin (BTC) raced past the $23,000 level to start the weekend, with prices climbing to a multi-month high.

Following a low of $20,961.21 on Friday, BTC/USD climbed to an intraday peak of $23,249.89 earlier today.

Today’s rally saw bitcoin jump to its highest level since August 24, when price at the time was trading at a top of $23,600.

BTC/USD – Daily Chart

As can be seen from the chart, the move comes as the 14-day relative strength index (RSI) moved back towards a ceiling of 90.00.

Currently, the index is at the 86.30 level, with earlier gains somewhat fading, as traders move to secure profits.

As of writing, BTC is trading at $22,902.03, which is still roughly 9.27% higher than yesterday’s low.

Ethereum

Like bitcoin, ethereum (ETH) also surged on Saturday, as it climbed to its highest mark in the last four months.

ETH/USD hit a high of $1,674.18 earlier in the day, which comes following a bottom of $1,550.03 on Friday.

As a result of the move, ethereum recaptured a high not seen since September 13, which is the last time it traded over $1,700.

ETH/USD – Daily Chart

Although prices are currently below this threshold, the resurgence of bullish momentum on Saturday could lead to further surges this weekend.

The surge has pushed the 10-day (red) moving average back into an uptrend, extending its distance from its 25-day (blue) counterpart.

Overall, ethereum is up 6.28% as of writing.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

Do you expect ethereum to rise above $1,700 this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Maximumhorrors.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer