Bitcoin Moves Higher as Crypto Markets Rebound on Saturday – Bitcoin News Market Updates

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After two straight days of losses, bitcoin and ethereum both rebounded strongly to start the weekend. Crypto markets were trading almost 5% higher on Saturday.

Bitcoin

The world’s largest cryptocurrency regained some upward momentum on Saturday as bitcoin bulls appeared to be back in the running.

BTC/USD hit an intraday high of $37,952.88 on Saturday, following a low of $36,211.11 earlier in the session.

Today’s rally comes as bitcoin appears to have broken above the key RSI level of 30, and is now trailing north of 35 on the indicator.

Although it remained oversold, the breakout invigorated traders who had been hoping to take BTC/USD to the $40,000 resistance level.

Overall and in the long term, the BTC/USD chart is still positioned in a descending triangle. However, the recent short-term upswing has created a slight price bottleneck.

BTC/USD – Daily Chart

This, along with the possibility for the RSI to reach its next resistance point 41, may be enough to send the price to, and potentially above, $40,000.

The bulls could attempt to reach this point throughout the weekend.

Ethereum

ETH was trading over 8% during today’s session, hitting its recent resistance level of $2,570 in the process.

Saturday’s rally saw ETH/USD surge to an intraday high of $2,576.46, its highest level since Thursday.

Looking at the chart below, the 10-day (red) and 25-day (blue) moving averages were still falling, but as the RSI rises, many will begin to anticipate a potential crossover.

ETH/USD – Daily Chart

If this happens, some may start aiming for a range of $2,800 to $3,000.

Has the bear run on ETH cooled off yet? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a diverse perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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