Bitcoin rallied back above $20,000 on Saturday, even though markets were still spooked by the collapse of another banking institution. Silicon Valley Bank was shut down by US regulators on Friday, causing many institutions to lose access to capital. This includes the USDC issuer, Circle, which led to a USDC decoupling. Ethereum also rallied on Saturday.
Bitcoin
bitcoin (BTC) rose back above $20,000 on Saturday, despite overall financial market volatility at all-time highs.
This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed that it was closing Silicon Valley Bank.
Despite this, BTC/USD reached an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25.
Overall, today’s marginal rally in price comes as the 14-day RSI found a bottom at the 27.00 level.
As of this writing, the index stands at 28.46, with bitcoin at $20,279.45, as previous gains have eased.
Market volatility will likely continue to be higher in the coming days, leading to Bitcoin moving above and below $20,000 over the weekend.
Ethereal
ethereal (ETH) was also significantly higher to start the weekend, as prices rallied back above $1,400.
Following a two-month low at $1,378.53 yesterday, ETH/USD moved to a high at the $1,481.32 level on Saturday.
The move comes as ethereum bulls bought yesterday’s dip as price strength moved deep into oversold territory.
On Friday, ethereum’s RSI fell to 28.30, which was its weakest point since last June, however the index has rallied ever since.
At time of writing, it is now tracking at 32.26 and appears to be heading towards a long-term bottom at 34.00.
If it gets to this point, there is a strong chance that Ethereum will be back above $1500 again.
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Will today’s bounce carry over to the rest of the weekend? Leave your thoughts in the comments below.
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