BTC Back Above $19,000 To Start The Week – Market Updates Bitcoin News
Bitcoin started the week trading above $19,000 as bulls slowly returned to the token, following recent sell-offs. Ethereum also rose on Monday, after a brief period of trading below $1,300. Overall, the global crypto market is down 1.19% at the time of writing.
Bitcoin
Bitcoin (BTC) traded marginally higher on Monday, as bulls began to return to crypto markets after recent selloffs.
After a low of $19,118.19 on Sunday, BTC/USD rallied to an intraday high of $19,491.33 earlier in the day.
Monday’s move saw the world’s largest cryptocurrency rise towards a key price ceiling of $19,500.
Looking at the chart, the rally in price comes as the 14-day relative strength index (RSI) recently broke out of the 48.00 resistance.
At the time of writing, the index is tracking 49.42, with the next visible point of resistance near the 56.00 level.
Should price strength continue to move towards this point, we will likely see prices move towards the $20,000 mark.
Ethereum
Ethereum (ETH) also rallied to start the week, with the token climbing for a second session in a row.
After a brief breakout below the $1,275 floor on Saturday, ethereum has put together a string of back-to-back gains.
Today’s surge has seen the token hit a high of $1,322.33, which comes a day after it hovered around $1,281.29.
Despite today’s rally, momentum in ETH/USD continues to be bearish, with both the 10-day (red) and 25-day (blue) moving averages trending down.
Bulls are likely to be tentative to enter at this point as we approach a ceiling of $1,330, with the RSI also approaching a barrier.
At the time of writing, the index follows 45.87, which is slightly below a ceiling of 46.00.
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