Bitcoin

Bitcoin bounced back from a near two-month low on Saturday, as bulls moved in to buy the recent dip in price. Saturday’s move came as the cryptocurrency rebounded from a recent support point, after yesterday’s breakout. Ethereum was also higher, climbing above $1,800.

Bitcoin

Bitcoin (BTC) moved away from a recent two-month low on Saturday, as bulls opted to buy the recent dip.

After falling to a low of $25,878.43 on Friday, BTC/USD rose to an intraday high of $26,989.07 earlier in the day.

Today’s rebound sees bitcoin jump back above a key support point at $26,500, following Friday’s breakout.

From the chart, it appears that this took place as the 14-day relative strength index (RSI) found a floor of its own at 36.00.

At the time of writing, price strength is tracking at 37.99, with a ceiling at 43.00 a possible target.

Should bulls lead the charge to this point, it is likely that bitcoin will be back above the $27,000 level this weekend.

Ethereum

Ethereum (ETH) was back above a key price level to start the weekend, as it once again rose above the $1,800 mark.

ETH/USD hit a peak of $1,816.06 in today’s session, less than 24 hours after declining to a low at $1,747.94.

Bulls have seemingly taken yesterday’s move to a multi-week low as an opportune moment to increase position sizes in ETH.

Like with BTC, this was helped by the fact that RSI found a stable point of support, which in the case of ethereum was at the 41.00 zone.

From the floor, price strength is now tracking close to a ceiling at 45.00, and should this be broken, ETH will possibly move back above a key point at $1,830.

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

Tags in this story

Could ethereum and bitcoin continue to climb this weekend? Leave your thoughts in the comments below.

Eliman 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, 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. Bitcoin.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

Articles You May Like

Pennsylvania’s budget grants governor’s economic development wishlist
3 money moves to make ahead of the Federal Reserve’s first rate cut in years
Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates
China gears up for next week’s Third Plenum meeting. Here’s why real estate isn’t likely the main focus
Here’s the inflation breakdown for June 2024 — in one chart