Bitcoin, Ethereum Technical Analysis: BTC Back Above $21,000 Despite Genesis Bankruptcy

Bitcoin crept backmost up to the $21,000 level connected Friday, arsenic volatility successful the cryptocurrency marketplace remained high. After falling by astir 4% successful Thursday’s session, the planetary marketplace headdress is up by 1.14% arsenic of writing. This comes contempt the quality that crypto lender Genesis has precocious filed for bankruptcy. Ethereum was besides successful the green, arsenic it rebounded from Thursday’s lows.

Bitcoin

Bitcoin (BTC) climbed higher connected Friday, arsenic the world’s largest cryptocurrency rebounded from Thursday’s losses.

The rally comes contempt the quality that crypto lender Genesis has filed for bankruptcy, pursuing the likes of FTX.

BTC/USD roseate to an intraday precocious of $21,175.24 earlier successful today’s session, which comes pursuing a debased of $20,689.88 connected Thursday.

BTC/USD – Daily Chart

Looking astatine the chart, today’s rebound successful terms came arsenic the 14-day comparative spot scale (RSI) moved backmost supra the 80.00 mark.

As of writing, the scale is astatine the 80.40 level, with the adjacent disposable absorption level astatine the 88.00 zone.

Many expect that BTC could marque different effort to interruption retired of a cardinal absorption constituent astatine $21,400.

Ethereum

In summation to bitcoin, ethereum (ETH) besides rebounded during today’s session, with prices continuing to determination distant from a caller floor.

Following a debased of $1,515.79 connected Thursday, ETH/USD raced to a highest of $1,559.55 earlier successful the day.

Today’s surge comes arsenic ethereum continues to determination distant from a caller enactment constituent astatine the $1,500 level.

ETH/USD – Daily Chart

Similar to BTC, the determination comes pursuing a dormant feline bounce connected the RSI indicator, with terms spot rebounding from a caller low.

Currently, the scale is tracking astatine a level of 74.64, which is marginally higher than the aforementioned level astatine 70.00.

ETH bulls volition apt present beryllium targeting a absorption level astatine the $1,600 level.

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Do you expect ethereum to extremity the week trading supra $1,600? Leave your thoughts successful the comments below.

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