Bitcoin rallied above $30,000 at the beginning of Monday, after bulls returned to crypto market on Monday. This news is coming as fashion company Balenciaga announced it will accept cryptocurrency payments. ETH moved up on the news.
Bitcoin
BTC climbed to its highest point in four days earlier in today’s session, as markets reacted to the news that Balenciaga had decided to begin accepting crypto payments.
Following a bottom of $29,710.18 on Sunday, BTC/USD surged to a peak of $30,590.59 during Monday’s session.
Today’s climb comes as bitcoin continues to move away from its recent support at $28,800, following marginal gains in the past few days.
BTC now trades close to $30,000.900 as a result. The RSI is also near its ceiling.
The 14-day Relative strength Index currently tracks at 40.67. That is just below its ceiling of 41.63.
As we get closer to this level, bullish momentum is likely to be challenged and bears will begin reentering the market.
Ethereum
ETH was also up over the course of today’s session, as it once again rose above $2,000 following a brief drop in price during the weekend.
So far today, ETH/USD has risen to an intraday high of $2,080.37, following Sunday’s low of $1,993.98.
As with BTC, ETH also moves towards a resistance point, nearing the $2,000.00 mark.
Prices have risen and so has relative strength. The 14-day RSI is now at its highest level in just three weeks.
The index currently stands at 39.60. It is at its highest point since May 7.
If we don’t see any further price gains above current resistance points then prices will continue to consolidate until the end of this month.
Are we likely to see significant gains in ETH during this week’s trading? Please leave your comments.
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