BTC Consolidates Above $28,000 On Monday – Market Updates Bitcoin News
Bitcoin started the week consolidating above the $28,000 level as markets brace for a big week of US economic data. The headline will be Friday’s nonfarm payrolls, which are expected to fall to 238,000 jobs. Ethereum remains above $1,800 at the time of writing.
Bitcoin
Bitcoin (BTC) began the week consolidating around the $28,000 level as volatility in crypto markets remained high.
Following a low of $27,607.67 earlier in today’s session, BTC/USD rose to a high of $28,475.62 as the day progressed.
The move saw bitcoin move closer to a recent resistance level of $28,500, which was breached over the weekend.
Recent price consolidation comes as the 14-day relative strength index (RSI) failed to move above a ceiling of 65.00.
At the time of writing, the index follows 62.00, which is also a key support point for traders.
Overall, the world’s largest cryptocurrency is now trading 1.46% higher than at the same time last week.
Ethereum
Ethereum (ETH) continues to trade above the $1,800 level, with traders still targeting a breakout above a key resistance level.
ETH/USD rose to a high of $1,819.29 earlier in today’s session, coming off an earlier low of $1,765.52.
As a result of today’s jump, Ethereum bulls tried to move towards a ceiling of $1,825, but the momentum has since waned.
This comes as earlier bulls seemingly abandoned their positions as the RSI ran into a wall at the 60.00 level.
At the time of writing, price strength is now at 57.77, with the next visible ceiling around the 62.00 region.
In addition to this, the 10-day (red) moving average is now approaching a bearish cross with its 25-day (blue) counterpart, which could signal upcoming price weakness.
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