This week’s whirlwind price swings in crypto markets continued on Friday, with BTC moving higher, following yesterday’s declines. Bitcoin is back at $30,000, and ETH has also climbed above $2,000 on Friday.
Bitcoin
Bitcoin traded higher Friday as crypto market price uncertainty continued to hold traders. This led to consolidation.
Following a decline to a low of $29,389.44 during Thursday’s session, BTC/USD rose by over 3% on Friday, hitting a high of 30,664.98 in the process.
As bulls lifted Bitcoin from $28,800 (which many consider the current support), the move suggests that there may finally be a floor to the prices.
Friday’s surge took place as bullish pressure also led to a breakout of the 36 level on the 14-day RSI, which we marked as a key obstacle in the way of price gains.
The relative strength of the market is currently at 37.93. That is near another ceiling at 40.
The earlier gains also fell as prices crossed the $30,500 resistance mark, which many bulls use to be an exit point.
Ethereum
Ethereum was once again trading above $2,000, following a breakout below this point over the course of Thursday’s session.
The price of ETH/USD reached a record high of $2,054.80 Friday. This is approximately 4.5% more than the peak it hit on Friday.
Similar to BTC, today’s move in ethereum comes after bulls used the current floor of $1,950 as a springboard to today’s heights.
However, the price of ETH has slowed since these highs. ETH is now $20 less than it was at its previous peak.
The RSI also exceeded its ceiling of 35 and is now above the 36 level. However, the prices are close to a resistance of $2,060.
This may have led bulls in the past to abandon their positions. However, those who remain likely to stay firm heading into week are unlikely to do so if bearish pressure is resurfacing.
What is your prediction for ETH’s trading this weekend? Comment below to share your views.
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