Bitcoin jumped to a five-month high to start the weekend, as bullish sentiment returned to the crypto-currency markets. Prices for the world’s largest digital currency surpassed $23,000, rebounding from a recent drop to around $20,000. Ethereum also rose, reaching its strongest point since September.
Bitcoin surpassed the $23,000 level to start the weekend, with prices hitting a multi-month high. After a low of $20,961.21 on Friday, BTC climbed to an intraday high of $23,249.89 earlier in the day.
Today’s rally saw bitcoin reach its highest level since August 24, when the price was trading at a high of $23,600.
As can be seen on the chart, this move comes as the 14-day relative strength index (RSI) has moved back towards a ceiling of 90.00. Currently, the index is at the 86.30 level, with previous gains fading somewhat as traders look to secure their profits.
Currently, bitcoin is trading at $22,902.03, which is up about 9.27% from yesterday’s low.
Like bitcoin, ethereum also rose on Saturday, hitting its highest level in the past four months. ETH hit a high of $1,674.18 earlier in the day, which follows a low of $1,550.03 on Friday.
With the move, ethereum has regained a high it hasn’t reached since Sept. 13, when it last traded above $1,700.
Although prices are currently below that threshold, the resurgence of bullish momentum on Saturday could lead to further pushes this weekend. The surge has pushed the 10-day moving average (red) back into an uptrend, extending its distance from its 25-day counterpart (blue).
Overall, ethereum is up 6.28% at the time of writing.