January 27, 2023

Bitcoin was back in the green on Friday, with prices once again moving above the $17,000 level. Cryptocurrencies tended to be higher during today’s session as prices recovered from recent losses. Ethereum also rose earlier in the day, climbing closer to the $1,300 level.

Bitcoin

Bitcoin (BTC) climbed higher during today’s session, with the coin moving back above the $17,000 level.

After a low of $16,788.78 on Thursday, BTC/USD raced to an intraday high of $17,274.60 earlier in the day.

The move caused bitcoin to break above its resistance level at $17,200, hitting a five-day high in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, After a Volatile Trading Week
BTC/USD – Daily chart

Looking at the chart, BTC has since pulled back from previous highs as bullish momentum faded shortly after the breakout.

At the time of writing, the Relative Strength Index (RSI) is now at 50.93, which is slightly below the 52.00 ceiling.

Should the index continue to rise, the next target for bulls will likely be the $17,600 point.

Ethereum

Alongside bitcoin, ethereum (ETH) also rallied during today’s session, with prices recovering from recent losses.

ETH/USD rose to a high of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.

As a result of today’s move, the coin approached a key resistance level of $1,305, rising to its highest since Monday.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, After a Volatile Trading Week
ETH/USD – Daily chart

Currently, it seems that ethereum bulls are targeting a move above USD 1,300, but a ceiling on the RSI seems to be getting in the way.

At the time of writing, the index tracks at 52.00, which has also been a major point of resistance in the past.

Bulls would have to overcome this hurdle first to send prices to the target $1,300 level.

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What was behind the uptick in cryptocurrency prices today? Leave your thoughts in the comments below.

Eliman Dambel

Eliman brings an eclectic take on market analysis, having previously served as a real estate director and a retail lecturer. Currently, he acts as a commentator for various asset classes including Crypto, Stocks, and FX.




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