Bitcoin rose to a five-month high to start the weekend as bullish sentiment returned to cryptocurrency markets. Prices of the world’s largest digital currency rose above $23,000, recovering from a recent plunge to $20,000. Ethereum has also rallied as it hit its strongest point since September.
Bitcoin
bitcoin (BTC) broke above the $23,000 level to start the weekend, and prices rallied to a multi-month high.
After a low of $20,961.21 on Friday, BTC/USD rose to an intraday high of $23,249.89 earlier today.
Today’s rally saw bitcoin jump to its highest level since August 24, when the price at the time was trading as high as $23,600.
As can be seen on the chart, the move comes as the 14-day RSI pulled back towards a high of 90.00.
Currently, the index is sitting at the 86.30 level, with previous gains fading a bit as traders move in to lock in gains.
At the time of writing, BTC it is trading at $22,902.03, which is still about 9.27% higher than yesterday’s low.
Ethereal
Like bitcoin, ethereum (ETH) also rallied on Saturday, climbing to its highest mark in four months.
ETH/USD reached a high of $1,674.18 earlier in the day, which comes after a low of $1,550.03 on Friday.
As a result of the move, Ethereum recovered a high not seen since September 13, which is the last time it traded above $1,700.
Although prices are currently below this threshold, a revival of bullish momentum on Saturday could lead to further gains this weekend.
The rise has pushed the 10-day moving average (red) back into an uptrend, extending its distance from its 25-day counterpart (blue).
Overall, ethereum is up 6.28% at the time of writing.
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