After a volatile week of trading bitcoin prices have stabilized to begin the weekend. On Saturday, the token moved marginally higher than $19,000 and has been hovering around a three-month low. Ethereum was also consolidating in today’s session, as prices moved back above $1,300.
Bitcoin
Bitcoin (BTC) rose marginally above $19,000 on Saturday, as markets continued to digest this week’s heightened level of volatility.
Following a low of $18,617.55 on Friday, the world’s largest cryptocurrency rose to an intraday peak of $19,374.55 earlier today.
After a breakout that sent bitcoin prices to an all-time low of $19,300 in the last three months, this move saw bitcoin rise above its support level at $19,300.
Looking at the chart, the initial price increase in today’s session came as the 14-day relative strength index (RSI) also moved higher, hitting a resistance level in the process.
The BTC/USD price has fallen since hitting the ceiling at 44.10 and is currently trading at $19 061.70 as of this writing
If bulls want the BTC to rise, possibly to over $20,000 per year, then the current obstacle in the RSI must be removed.
Ethereum
In addition to bitcoin, ethereum (ETH) has also had a turbulent week — one which saw prices fall to a low of $1,220.
The token gained marginally in the back-to-back sessions after reaching this price point.
The intraday high for ETH/USD was $1,335.28, an increase of less than 24hours from the $1,270.20 low.
As seen from the chart, the move came as its RSI also rose, hitting a height of 38.70 in today’s session.
As with bitcoin, the reading brought the index to resistance, an area that historically has been a place where bears can reenter.
As of writing, ETH is trading at $1,327.12, which is still over 3% up from Friday’s floor.
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