Bitcoin bounced back strongly to start the weekend, as prices moved closer to the $27,000 mark in today’s session. After a recent spell of consolidation, bulls returned to action, buying the recent dip in the process. Ethereum was also higher, closing in on $1,800 on Saturday.
Bitcoin (BTC) surged on Saturday, as bulls of the cryptocurrency moved to buy the recent dip in price.
BTC/USD rose to a high of $26,769.39 to start the weekend, which comes less than a day after trading at a low of $25,245.36.
The move pushed the price to its highest point since May 8, a day when the price was at a peak of $26,820.
Looking at the chart, the rally came when the 14-day relative strength index (RSI) finally broke out of a key ceiling at 43.00.
At the time of writing this, the index is tracking at 50.55, which is close to a new resistance at the 51.00 level.
Traders are likely targeting the $27,300 level, and could hit this if momentum continues to be bullish this weekend.
Ethereum (ETH) also rebounded strongly to start the weekend, days after falling to a three-month low.
Following a low of $1,653.17 on Friday, ETH/USD raced to an intraday peak at the $1,766.76 level earlier today.
ETH fell to a bottom at $1,620 on Thursday, which was the weakest point that the price had hit since March 13.
Similar to BTC, a breakout of the RSI was one of the triggers of the move, with price strength climbing past a ceiling at 41.00.
The index is currently at a reading of 43.79, with the next resistance level at the 50.00 mark.
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Will ethereum move above $1,800 this weekend? Leave your thoughts in the comments below.