Bitcoin hit a five-month high to start the weekend as bullish sentiment returned to cryptocurrency markets. The prices of the world’s largest digital currency rose above $23,000, recovering from a recent decline to $20,000. Ethereum also rose as it hit its strongest point since September.
Bitcoin (BTC) breached the $23,000 level to start the weekend, with prices rising to multi-month highs.
After a low of $20,961.21 on Friday, BTC/USD rallied to an intraday high of $23,249.89 earlier today.
Today’s rally saw Bitcoin hit its highest level since August 24, when the price was trading around $23,600.
As can be seen from the chart, the move comes when the 14-day Relative Strength Index (RSI) has moved back towards the 90.00 ceiling.
The index is currently at 86.30, with earlier gains fading slightly as traders move to take profits.
At the time of writing, BTC is trading at $22,902.03, still roughly 9.27% above yesterday’s low.
Like bitcoin, ethereum (ETH) also rallied on Saturday as it rose to its highest mark in four months.
ETH/USD hit an all-time high of $1,674.18 earlier in the day, coming off a high of $1,550.03 on Friday.
The move sent ethereum back to highs not seen since September 13, the last time it traded above $1,700.
Although prices are currently below this threshold, a resurgence of bullish momentum on Saturday could lead to further gains this weekend.
The rally 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% at the time of writing.
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Do you expect ethereum to break above $1,700 this weekend? Leave your thoughts in the comments below.
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