Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. At the time of writing, global cryptocurrency market capital is 2.85% lower. Ethereum’s prices fell further on Monday with the price of Ethereum falling below its recent peak above $2,000.
Bitcoin
Following a weekend high of $25,000 bitcoin (BTC), was back in red as the new week began.
On Sunday, BTC/USD hit an intraday high of $25,135.59, however the world’s largest token slipped to a bottom of $23,960.03 today.
Sunday’s high was the most bitcoin has traded at since June 14, when prices of the token were over $26,700.
Looking at the chart, today’s decline in price comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.
Moreover, after not breaking out of a ceiling at 61.80, the relative strength index (RSI), 14-day, is now tracking at 56.44.
This remains the major obstacle that prevents BTC from rising above $25,000 for longer periods of time.
Ethereum
BTC fell below $25,000 and ethereum dropped to $2,000.
Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.
But, Monday saw ETH/USD drop to $1,887.82. This was less than one day after the high of $2,000.2.
The RSI was overbought and ethereum’s bearish trend also results from it climbing above 71. This is its highest level since April 4.
The index currently tracks at 62 as a result of bearish sentiment that swept markets this week.
Now prices will be checked. The index is close to a floor at 61. Should momentum drop below this level, further falls could occur.
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