Bitcoin, Ethereum Technical Analysis: BTC Above $20,000, ETH Beyond $1,400 on Saturday
Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday. Bitcoin
Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs.
This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank.
Despite this, BTC/USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25. BTC/USD – Daily Chart
Overall, today’s marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level.
At the time of writing, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased.
Market volatility will likely remain higher in the coming days, leading to bitcoin moving above and below $20,000 throughout the weekend. Ethereum
Ethereum (ETH) was also significantly higher to start the weekend, as prices rose back above $1,400.
Following a two-month low at $1,378.53 yesterday, ETH/USD moved to a peak at the $1,481.32 level on Saturday.
The move comes as ethereum bulls bought yesterday’s dip, as price strength moved deep into oversold territory. ETH/USD – Daily Chart
Friday saw ethereum’s RSI fall to 28.30, which was its weakest point since last June, however the index has since rallied.
As of writing, it is now tracking at 32.26, and appears to be heading towards a long-term floor at 34.00.
Should it reach this point, there is a strong possibility that ethereum will be back above $1,500.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Will today’s rebound extend into the remainder of the weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend MARKET UPDATES | 9 hours ago Bitcoin Price Outlook for March MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBTC Proxy Is Live on BNB Chain and Interoperable With WBTC and BTCB Next articleBiggest Movers: SOL Rebounds From 2-Month Low to Start the Weekend Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether