• Bitcoin (BTC) rebounded from Thursday’s losses, climbing back up to the $21,000 level on Friday.
• Ethereum (ETH) also rose, climbing from a low of $1,515.79 on Thursday to a peak of $1,559.55 earlier in the day.
• The move comes despite the news that crypto lender Genesis has recently filed for bankruptcy.
The cryptocurrency market has seen an increase in volatility this week, with Bitcoin (BTC) climbing back above the $21,000 mark on Friday. After falling by nearly 4% in Thursday’s session, the global market cap of the world’s largest cryptocurrency is up by 1.14% at the time of writing. Despite the news that crypto lender Genesis has recently filed for bankruptcy, the market appears to be taking a positive outlook.
Ethereum (ETH) has seen similar gains, rebounding from a low of $1,515.79 on Thursday to a peak of $1,559.55 earlier in the day. The move comes following a dead cat bounce on the RSI indicator, with price strength rebounding from a recent low. Currently, the index is tracking at a level of 74.64, which is marginally higher than the aforementioned floor at 70.0.
Analysts are optimistic that Bitcoin could make another attempt to break out of a key resistance point at $21,400. Additionally, Ethereum is continuing to move away from a recent support point at the $1,500 level. This indicates that despite the recent bankruptcy filing, the market remains bullish for both cryptocurrencies.
It remains to be seen whether the current trend can be sustained, as the market has been known to be volatile. However, the current market sentiment appears to be optimistic and it will be interesting to see how the market develops in the coming days.