BTC, ETH Lower, Both Face Strong Resistance – Market Update Bitcoin News

Bitcoin remained near 10-day highs on Monday as prices consolidated after a weekend rally.Although Ethereum The week started lower but was also able to hold near Sunday’s high of $1,280.

bitcoin

bitcoin Consolidated during today’s session as the bulls appear to be taking some profits after the recent rally.

From behind Sunday’s high of $21,783.72, bitcoin/USD rose to a session low of $20,965.11 on Monday.

The drop has seen bitcoin trade nearly 2% lower for the week, but remains near recent highs as some bullish sentiment remains.

bitcoin/USD – daily chart

In terms of upside sentiment, this can be seen in today’s action, as the price rebounded from earlier lows and is at $21,261.87 as of this writing.

As stated over the weekend, one of the obstacles that could have been prevented bitcoin Further gains were the RSI ceiling at 36.45, which proved to be the case.

Looking at the charts, today’s drop is because price forces were unable to break through this, and as of this writing, the indicator is tracking 36.

Ethereum

Ethereum was in a similar situation in today’s trade, sliding in price while also holding near recent highs.

Ethereum/USD fell to an intraday low of $1,199.41 just below $1,200, but Ethereum managed to regain some momentum as the session progressed.

As of this writing, Ethereum It is currently trading at $1,217.17, about 3.17% below yesterday’s peak of $1,272.13.

Ethereum/USD – daily chart

Over the weekend, the bulls appeared ready to reclaim the $1,300 level, but as bitcoindue to the obstacles of the RSI indicator, this wish did not materialize.

This weekend, the upper limit on the RSI of 39.80 was insurmountable, so the bulls decided to unwind earlier gains.

However, traders are likely to run at this level again in the coming days, which would bring the price back into the $1,300 area.

Will we see further price spikes before the end of the month? Leave your thoughts in the comments below.

Elijah Danbell

Eliman brings an eclectic perspective to market analysis, having served as a brokerage director, retail trading educator and market commentator for cryptocurrencies, stocks and foreign exchange.




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