Bitcoin was closing in on the $17,000 level on Friday, as cryptocurrency markets rebounded heading into the weekend. The token moved away from a recent support point of $16,200 in today’s session, as bulls reentered the market. Ethereum also moved higher, climbing back above $1,200.
Bitcoin
Bitcoin (BTC) rebounded on Friday, as the token moved towards the $17,000 mark heading into the weekend.
Following a low of $16,479.99 in Thursday’s session, BTC/USD raced to an intraday high of $16,947.06 earlier today.
The move sees BTC move further away from its recent floor of $16,200, which was a point of stabilization following the volatility caused by the FTX collapse.
Looking at the chart, this surge has pushed BTC closer to a ceiling of 38.30 on the 14-day relative strength index (RSI).
As a result of this collision, prices have since dipped, with the token currently trading at $16,760.43.
In order to extend its earlier run, bitcoin bulls will need to break the current ceiling on the RS
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