Bitcoin rose back above $25,000 on Friday, as markets continued to digest recent U.S. economic data. Yesterday saw retail sales climb higher than expected, rising by 0.3% in May, better than a projected decline of 0.1%. Ethereum moved closer to the $1,700 level.
Bitcoin bulls made a brief appearance during Friday’s session, pushing the price back above $25,000 in the process.
Following a low of $24,797.17 on Thursday, BTC/USD raced to an intraday peak of $25,735.31 earlier in the day.
As a result of the move, the world’s largest cryptocurrency climbed above a recent ceiling at the $25,500 mark.
Despite today’s $1,000 jump in price, the relative strength index (RSI) still remains below a resistance of its own at 42.00
At the time of writing, the index is tracking at 41.00, which could act as a major hurdle to further upwards momentum.
It will be interesting to see how traders behave over the coming weekend, with the chance to buy this week’s dip still present.
Ethereum (ETH) made relative gains in today’s session, as the cryptocurrency moved back towards the $1,700 level.
ETH/USD reached a high of $1,676.41 on Friday, less than 24 hours after nearing a breakout below $1,600.
The rebound in ethereum comes as the RSI moved away from a recent three-month low of 30.74, which was in oversold territory.
Similar to BTC above, price strength has since climbed, and is currently at a reading of 33.39, which is still bearish.
Traders will likely look to March, which is the last time the index tracked at this mark, shortly before prices went on to climb over $500 higher.
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Do you expect long-term bulls to buy this current dip in price? Leave your thoughts in the comments below.