As markets seem to have moved beyond recent bearish sentiment, cryptocurrencies were up to the weekend’s opening day.
The world’s most valuable cryptocurrency bitcoin (BTC), became even more expensive on Saturday as it broke through its $40,000 resistance level.
BTC/USD reached an intraday peak of $41,729.43 on Saturday, as markets continued to react to yesterday’s Non-farm payrolls reports.
This was after bitcoin’s 14-day RSI moving past its 40 hurdle, which had been held for most part of the year.
The RSI currently tracks at 55.67 as of writing. This is the highest level since November 15, 2015, when prices traded above $60,000.
Although the move has brought the 10-day average and the 25-day moving average closer together, there has yet to be a cross.
We could see BTC trading closer to $50,000 if this happens.
Ethereum (ETH), rose for the 3rd consecutive session. The world’s 2nd-largest cryptocurrency surged up to a 2-week peak.
ETH/USD rose to $3,032.66 on Saturday after climbing by almost 20% in just the past week.
ETH is currently resisting the 54.40 RSI levels. This coincides with bullish momentum slowing to a ceiling of $3.015.
As we move deeper into the weekend traders will be looking at the moving averages to determine if the short- and medium-term momentum might swing further upward.