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