• Bitcoin surged to a five-month high to start the weekend, rising above $23,000.
• Ethereum also rallied, hitting its strongest point since September.
• The resurgence of bullish momentum on Saturday could lead to further gains this weekend.
Cryptocurrency markets saw a surge in bullish sentiment to start the weekend, as Bitcoin (BTC) climbed to a five-month high, while Ethereum (ETH) hit its strongest point since September.
BTC/USD raced past the $23,000 level, with prices climbing to an intraday peak of $23,249.89 earlier today. This marks the highest level since August 24, when the world’s largest digital currency was trading at a top of $23,600. The surge also pushed the 14-day relative strength index (RSI) back towards a ceiling of 90.00, currently sitting at the 86.30 level. As of writing, BTC is trading at $22,902.03, which is still roughly 9.27% higher than yesterday’s low.
Ethereum also had a strong showing, as ETH/USD hit a high of $1,674.18 earlier in the day. This comes following a bottom of $1,550.03 on Friday and recaptures a high not seen since September 13, which is the last time it traded over $1,700. The move has pushed the 10-day (red) moving average back into an uptrend, extending its distance from its 25-day (blue) counterpart. Overall, ethereum is up 6.28% as of writing.
The resurgence of bullish momentum on Saturday has traders hopeful for further gains this weekend. Cryptocurrency markets have been largely quiet over the past few weeks, with bitcoin in particular trading in a tight range since the middle of November. Should the current rally continue, the next major resistance for bitcoin will be the $24,000 level, while ethereum could test the $1,800 mark.
Regardless, today’s surge is a welcome sign for crypto investors, who have been eagerly awaiting a continued rally. With the weekend still in its early stages, it will be interesting to see how long this bullish sentiment can last.