Bitcoin continued to hover across the $23,000 stage on Jan. 23, as bullish sentiment remained excessive in markets. Over the weekend the world’s largest cryptocurrency rose to its strongest stage since August, with bulls shifting to consolidate these features. Ethereum additionally traded within the inexperienced as we speak, remaining above $1,600 within the course of.
Bitcoin (BTC) continued to commerce close to a five-month excessive to begin the week, as sentiment in crypto markets remained bullish.
Following a low of $22,387.90 on Sunday, BTC/USD hit an intraday peak of $23,056.73 earlier in as we speak’s session.
On Saturday, BTC rose to a excessive of $23,375, which was its strongest level since August 18, and it seems as if bulls are hoping to recapture this level.
BTC/USD – Daily Chart
In order to realize this, the 14-day relative energy index (RSI) will probably want to maneuver again in the direction of a ceiling at 91.00.
Currently, the index is on the 85.26 stage, which is already overbought, and this might result in some opting to safe features and abandon earlier positions.
As of writing, BTC is buying and selling at $22,876.55, which is marginally increased than Sunday’s peak.
Ethereum (ETH) additionally gave the impression to be consolidating the weekend’s features, with costs remaining above the $1,600 mark.
On Monday, ETH/USD has thus far risen to a peak of $1,658.02, which is comparatively near Saturday’s four-month excessive at $1,680.
Today’s peak comes because the world’s second largest cryptocurrency rebounded from a flooring across the $1,610 mark.
ETH/USD – Daily Chart
Looking on the chart, the rebound occurred following a failed breakout of a help level of 75.00 on the RSI indicator.
As of writing, the indicator is monitoring at 75.23, with the subsequent seen resistance stage at 80.00 zone.
ETH bulls will probably be nonetheless focusing on a transfer above $1,700, and for this to happen, the 80.00 mark should first be overcome.
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Could ethereum climb above $1,700 this week, regardless of costs being overbought? Leave your ideas within the feedback under.
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