BTC and ETH rebound on Friday, after a volatile trading week – Bitcoin News

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Bitcoin was back in the green on Friday, with prices breaking above the $17,000 level again. Cryptocurrencies were mostly higher during today’s session as prices rebounded from recent losses. Ethereum also surged earlier today, approaching the $1,300 level.

Bitcoin

Bitcoin (BTC) climbed higher in today’s session as the coin rallied above the $17,000 level.

After a low of $16,788.78 on Thursday, BTC/USD hit an intraday high of $17,274.60 earlier today.

The move saw bitcoin rally past its resistance level at $17,200, hitting a five-day high in the process.

BTC/USD – Daily Chart

Looking at the chart, BTC has since retreated from previous highs as the bullish momentum faded shortly after the breakout.

At the time of writing, the Relative Strength Index (RSI) now trails at 50.93, which is slightly below a high at 52.00.

If the index continues to rise, the next target for the bulls will likely be the $17,600 point.

Ethereum

In addition to bitcoin, Ethereum (ETH) also rose slightly during today’s session as prices rebounded from recent losses.

ETH/USD hit a high of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.

Following today’s move, the coin approached a key resistance level of $1,305, hitting its highest level since Monday in the process.

ETH/USD – Daily Chart

Currently, it looks like Ethereum bulls are aiming for a break above the $1,300 mark, but a cap on the RSI seems to be a hurdle.

As of this writing, the index sits at 52.00, which has also been a key resistance point in the past.

The bulls should overcome this hurdle first, in order to send prices towards the target level of $1,300.

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What explains the current rally in cryptocurrency prices? Leave your thoughts in the comments below.

Elie Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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