Bitcoin crept back up to the $21,000 level on Friday, as volatility in the cryptocurrency market remained high. After falling by nearly 4% in Thursday’s session, the global market cap is up by 1.14% as of writing. This comes despite the news that crypto lender Genesis has recently filed for bankruptcy. Ethereum was also in the green, as it rebounded from Thursday’s lows.


Bitcoin (BTC) climbed higher on Friday, as the world’s largest cryptocurrency rebounded from Thursday’s losses.

The rally comes despite the news that crypto lender Genesis has filed for bankruptcy, following the likes of FTX.

BTC/USD rose to an intraday high of $21,175.24 earlier in today’s session, which comes following a low of $20,689.88 on Thursday.

BTC/USD – Daily Chart

Looking at the chart, today’s rebound in price came as the 14-day relative strength index (RSI) moved back above the 80.00 mark.

As of writing, the index is at the 80.40 level, with the next visible resistance level at the 88.00 zone.

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


In addition to bitcoin, ethereum (ETH) also rebounded during today’s session, with prices continuing to move away from a recent floor.

Following a low of $1,515.79 on Thursday, ETH/USD raced to a peak of $1,559.55 earlier in the day.

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

ETH/USD – Daily Chart

Similar to BTC, 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 70.00.

ETH bulls will likely now be targeting a resistance level at the $1,600 level.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to end the week trading above $1,600? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The United States Securities and Exchange Commission, or SEC, has extended its window to decide on whether shares of ARK 21Shares’ Bitcoin (BTC) exchange-traded fund (ETF) could be listed on the Chicago Board Options Exchange BZX Exchange.

In a Nov. 15 announcement, the SEC issued a notice for a longer designation period for the application of ARK 21Shares’ Bitcoin ETF, originally filed with the federal regulator on May 13. The SEC twice extended its window to approve or disapprove of the crypto investment vehicle in July with an extension and in August with a comment period.

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” said SEC assistant secretary Sherry Haywood. “Accordingly, the Commission […] designates January 27, 2023, as the date by which the Commission shall either approve or disapprove the proposed rule change.”

ARK Invest originally partnered with Europe-based ETF issuer 21Shares to file for a spot Bitcoin ETF listed on the Cboe BZX Exchange in 2021, but the SEC rejected the application in April. With the Nov. 15 announcement, the federal regulator has effectively exhausted its ability to continue to delay a decision on the crypto ETF under current SEC rules.

Related: Chamber of Digital Commerce says ‘the time has come’ for the SEC to approve a Bitcoin ETF

To date, the SEC has never approved a spot crypto ETF in the United States but gave the green light to investment vehicles linked to BTC futures with a fund from ProShares starting in October 2021. Upon having its application rejected, digital asset manager Grayscale pursued legal action against the SEC, arguing its refusal to approve a BTC ETF was “arbitrary, capricious and discriminatory.” Other firms including VanEck have continued to pursue applications with the SEC for a crypto spot investment vehicle.