Bitcoin continued to trade close to a multi-week high on Friday, as bulls continued to target the $27,000 level. The move came following stronger than expected U.S. retail sales figures, which rose by 0.6% in August. Ethereum also traded higher in today’s session.
Bitcoin
Bitcoin remained near a two-week high on Friday, as traders continued to digest the latest US retail sales figures.
Following a low of $26,285.50 on Thursday, BTC/USD rallied to an intraday high of $26,774.62 earlier in today’s session.
This peak saw bitcoin trade at its strongest point since August 31, when price peaked over the $27,500 mark.
Overall, it appears that today’s bullish sentiment comes as the relative strength index (RSI) moved towards a ceiling of 52.00.
At the time of writing, price strength is tracking at 51.96, which has led some previous bulls to abandon their positions.
BTC has now retreated to a current level of $26,617.31, however traders will likely make another run towards $27,000 in the coming days.
Ethereum
Ethereum (ETH) rose for a fourth consecutive session, as the cryptocurrency remained above a support level of $1,620.
ETH/USD moved to a peak of $1,640.52 on Friday, just under 24 hours after the price reached a bottom at $1,618.73.
The aforementioned high saw the world’s second largest cryptocurrency move to its strongest level in seven days.
Earlier gains have somewhat faded, as traders failed to breach a key resistance level of 47.00 on the RSI indicator.
As of writing, the index is now at a reading of 44.41, with a support point of 40.00 a potential target.
Overall sentiment seems to be bullish however, as the potential for an upwards cross between the 10-day (red) moving average and its 25-day (blue) counterpart remains high.
Register your email here to get weekly price analysis updates sent to your inbox:
Could there be a surge above $1,700 this weekend for ETH? Leave your thoughts in the comments below.
Source: Bitcoin
