Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend

Bitcoin was closing successful connected the $17,000 level connected Friday, arsenic cryptocurrency markets rebounded heading into the weekend. The token moved distant from a caller enactment constituent of $16,200 successful today’s session, arsenic bulls reentered the market. Ethereum besides moved higher, climbing backmost supra $1,200.

Bitcoin

Bitcoin (BTC) rebounded connected Friday, arsenic the token moved towards the $17,000 people heading into the weekend.

Following a debased of $16,479.99 successful Thursday’s session, BTC/USD raced to an intraday precocious of $16,947.06 earlier today.

The determination sees BTC determination further distant from its caller level of $16,200, which was a constituent of stabilization pursuing the volatility caused by the FTX collapse.

BTC/USD – Daily Chart

Looking astatine the chart, this surge has pushed BTC person to a ceiling of 38.30 connected the 14-day comparative spot scale (RSI).

As a effect of this collision, prices person since dipped, with the token presently trading astatine $16,760.43.

In bid to widen its earlier run, bitcoin bulls volition request to interruption the existent ceiling connected the RSI indicator.

Ethereum

Ethereum (ETH) was besides backmost successful the greenish successful today’s session, arsenic the token was erstwhile again trading supra $1,200.

ETH/USD, which slipped beneath this level connected Thursday pursuing a strengthening USD, roseate to a precocious of $1,224.97 earlier today.

As a effect of this move, the world’s 2nd largest cryptocurrency moved backmost supra a caller enactment constituent of $1,220.

ETH/USD – Daily Chart

This comes arsenic the 14-day RSI bounced from a cardinal level of its ain astatine 38.00, and arsenic of writing, the metric is tracking astatine 40.46.

The 10-day (red) moving mean besides seems to person started to inclination sideways, which signals the existent terms consolidation successful the market.

ETH bulls volition apt proceed to people a rally supra $1,300 should this level clasp during the weekend.

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Could we spot ethereum ascent backmost supra $1,300 this weekend? Leave your thoughts successful the comments below.

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