Bitcoin rises above $21,000 despite Genesis bankruptcy

Bitcoin moved back above the $21,000 level on Friday, as volatility in the crypto-currency market remains high.

After falling nearly 4% in Thursday’s session, the global market cap is up 1.14% at the time of writing. This comes despite news that crypto-currency lender Genesis recently filed for bankruptcy. Ethereum was also in the green as it rebounded from Thursday’s lows.

Bitcoin

Bitcoin climbed on Friday as the world’s largest crypto-currency rebounded from Thursday’s losses. The rally comes despite news that crypto-currency lender Genesis has filed for bankruptcy, following the likes of FTX.

BTC hit an intraday high of $21,175.24 earlier in today’s session, which comes after a low of $20,689.88 on Thursday.

Today’s price bounce comes as the 14-day Relative Strength Index (RSI) moved back above the 80.00 mark. At the time of writing, the index is at the 80.40 level, with the next visible resistance level at the 88.00 area.

Many expect that Bitcoin could make another attempt to break out of a key resistance point at $21,400.

Ethereum

In addition to bitcoin, ethereum also rebounded during today’s session, with prices continuing to move away from a recent low. After a low of $1,515.79 on Thursday, Ethereum hit a high of $1,559.55 earlier in the day.

Today’s surge comes as ethereum continues to pull away from a recent support point at the $1,500 level.

The move follows a dead cat bounce on the RSI indicator, with price strength rebounding from a recent low. Currently, the index is at a level of 74.64, which is slightly above the aforementioned low of 70.00.

The bulls will likely now target a resistance level at the $1600 level.