Bitcoin rallied back up to the $21,000 level on Friday, as volatility in the cryptocurrency market remained high. After falling almost 4% in the Thursday session, the global market capitalization is up 1.14% at the time of writing. This comes despite news that crypto lender Genesis recently filed for bankruptcy. Ethereum was also in the green as it rallied from Thursday’s lows.
Bitcoin
bitcoin (BTC) rose higher on Friday, as the world’s largest cryptocurrency rebounded from Thursday’s losses.
The rally comes despite news that crypto lender Genesis filed for bankruptcy, following FTX.
BTC/USD rose to an intraday high of $21,175.24 earlier in today’s session, which comes after a low of $20,689.88 on Thursday.
Looking at the chart, today’s price bounce came as the 14-day RSI moved back above the 80.00 mark.
At time of writing, the index is at the 80.40 level, with the next resistance level visible at the 88.00 zone.
Many hope that BTC it could make another attempt to break out of a key resistance point at $21,400.
Ethereal
In addition to bitcoin, ethereum (ETH) also rallied during today’s session, and prices continued to pull away from a recent bottom.
After a low of $1,515.79 on Thursday, ETH/USD ran to a high of $1,559.55 earlier in the day.
Today’s surge comes as Ethereum continues to pull away from a recent support point at the $1500 level.
Similar to BTCThe move comes after a dead cat bounce on the RSI indicator, with price strength bouncing off a recent low.
The index is currently sitting at a level of 74.64, which is marginally higher than the previously mentioned floor at 70.00.
ETH The bulls are now likely to target a resistance level at the $1,600 level.
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