BTC, ETH Consolidate To Start Week – Market Updates Bitcoin News
Volatility in the crypto markets remained high on Monday, as bitcoin was mostly in the red at the start of the week. The token has once again moved below $20,000 as prices appear to be consolidating. Ethereum also traded sideways, with prices falling marginally below a key support level earlier in the day.
Bitcoin
Bitcoin (BTC) started this week how it ended the last, trading not only in the red, but also below $20,000.
The world’s largest cryptocurrency fell to an intraday low of $19,673.05 on Monday, as bearish sentiment following the non-farm payrolls report continued.
Today’s low saw BTC/USD briefly move near the $19,600 support point, but bulls have so far resisted a move below this point.
Looking at the chart, it looks like the decline came when the 24-day relative strength index (RSI) failed to break through its own ceiling.
At the time of writing, the RSI follows at 35.84, which is below the aforementioned resistance point of 37.90.
For bitcoin to climb back above $20,000, this is likely a hurdle it must first overcome.
Ethereum
Although ethereum (ETH) once again traded below $1,600, prices were mostly higher than Sunday’s lows.
ETH/USD hit a low of $1,540 during yesterday’s session, but has risen to a high of $1,584.26 so far today.
The move takes Ethereum closer to its recent resistance level of $1,615, which appears to be an area of significant uncertainty.
This level of volatility has been compounded by the fact that the RSI is also near a similar resistance point, as the index is currently tracking at 48.00.
As the chart shows, bears usually choose to re-enter at this time, hoping to take advantage of bulls hoping for a breakout.
As with bitcoin, if ETH bulls intend to send prices higher, they must first move past these current points of contention.
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