Bitcoin Holds Stable Around $30k, Ethereum Sees Minor Retracement
Bitcoin remained above the $30,000 level on Friday, as traders attempted to keep sentiment bullish heading into the weekend. Following a low of $29,679.16 earlier in the day, BTC/USD moved to a peak of $30,334.40 as the day progressed. Price has since gone on to fall from its previous high, as the 14-day relative strength index (RSI) encountered a point of resistance.
At the time of writing, the index is tracking at 70.43, which is marginally lower than the aforementioned ceiling at 71.00. Overall, momentum remains bullish as the 10-day (red) moving average continues its upwards crossover versus its 25-day (blue) counterpart. Should the RSI move beyond the 71.00 level in the coming days, there is a good chance that BTC will be above $32,000.
On the other hand, ethereum (ETH) moved slightly lower in today’s session, with price retreating from a recent multi-month high. ETH/USD dropped to an intraday low at $1,866.26, which comes a day after trading at a peak of $1,908.13. This decline appeared to be a result of profit taking, as bulls moved to secure gains, following a recent upswing.
Similar to BTC, traders abandoned previous positions as the RSI failed to advance beyond a key resistance level. In this instance, the ceiling was at the 60.00 mark, which has been the highest level the index has hit since April. As of writing, the RSI now tracks at 59.25, with ethereum trading at $1,878.66.