Bitcoin and Ethereum experienced a rebound on Friday, following the release of recent U.S. economic data. Retail sales in May exceeded expectations with a 0.3% increase, defying projections of a 0.1% decline. Meanwhile, Ethereum approached the $1,700 mark.
During Friday’s trading session, Bitcoin bulls made a brief appearance, propelling the price above $25,000 once again.
After reaching a low of $24,797.17 on Thursday, BTC/USD swiftly climbed to an intraday high of $25,735.31 earlier in the day.
Consequently, the world’s largest cryptocurrency surpassed the recent resistance level at $25,500.
Chart: Bitcoin (TradingView)
Despite the $1,000 price surge today, the relative strength index (RSI) remains below its own resistance at 42.00.
At the time of writing, the index stands at 41.00, potentially serving as a significant obstacle to further upward momentum.
Traders’ behavior over the upcoming weekend will be intriguing to observe, as the opportunity to buy this week’s dip remains.
In today’s session, Ethereum (ETH) exhibited relative gains as it approached the $1,700 threshold.
ETH/USD achieved a high of $1,676.41 on Friday, shortly after narrowly avoiding a dip below $1,600.
The rebound in Ethereum coincided with the RSI moving away from the oversold territory of its recent three-month low at 30.74.
Chart: Ethereum (TradingView)
Similar to Bitcoin, price strength has increased since then, currently registering at 33.39, albeit still indicating a bearish sentiment.
Traders are likely to observe March as a reference point, as the index previously reached this level shortly before prices surged over $500.
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Tags: Bitcoin, Ethereum, Technical Analysis, BTC, ETH, US Retail Sales Data, Market Digestion
Share your thoughts on whether long-term bulls are expected to seize this current price dip in the comments section below.
Frequently Asked Questions (FAQs) about rebound
Q: What caused the rebound in Bitcoin and Ethereum prices?
A: The rebound in Bitcoin and Ethereum prices can be attributed to the market’s digestion of recent U.S. retail sales data, which exceeded expectations. Additionally, both cryptocurrencies experienced bullish momentum during Friday’s trading session.
More about rebound
- Bitcoin Price Chart
- Ethereum Price Chart
- U.S. Retail Sales Data
- Bitcoin Technical Analysis
- Ethereum Technical Analysis