Bitcoin jumped to a one-year high to start the weekend, as the token climbed above $31,000 late on Friday night. After starting the month mostly in the red, prices have strongly rebounded this past week, rising by as much as 15%. Additionally, ethereum was briefly back above the $1,900 mark.
Bitcoin
Bitcoin (BTC) bulls once again controlled market sentiment, pushing price above the $31,000 level late on Friday night.
After an earlier low of $29,927.28, BTC/USD moved to an intraday peak at $31,389.54 as the session matured.
This saw bitcoin climb to its highest level since June 6 last year, when price traded above the $31,400 mark.
Since reaching this peak, BTC has somewhat slipped, with the relative strength index (RSI) falling below a ceiling at 73.00.
The index now sits at a reading of 72.53, which is still deep in overbought territory, and could entice more bears to consider an entry.
A recent crossover of the 10-day (red) and 25-day (blue) moving averages remains the main indicator highlighting the potential for more gains.
Ethereum
Ethereum (ETH) briefly returned above the $1,900 level in the last 24 hours, however bulls here have been unable to sustain momentum.
ETH/USD surged to a peak of $1,932.53 last night, however entering the weekend, price has since fallen back below that point.
Currently, the world’s second largest cryptocurrency is trading at $1,888.03, which is marginally higher than Friday’s low at $1,865.19.
A key reason for the turbulence remains the fact that price strength has been unable to move past a ceiling at 61.00.
Currently ethereum’s RSI is tracking at 59.81, however a potential upwards cross of its moving averages could be the straw that breaks the camel’s back.
In the event that this occurs, chances of an ETH move above $2,000 will greatly increase.
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What has been behind this week’s rally in cryptocurrency prices? Leave your thoughts in the comments below.
