BTC Consolidates Near $28,000 As First Citizen Agrees To Buy Silicon Valley Bank – Market Updates Bitcoin News
Bitcoin started the week trading around $28,000 as markets reacted to the news that Silicon Valley Bank was to be acquired. First Citizen Bank agreed to buy approximately $72 billion in SVB assets, at a discounted rate of $16.5 billion. Ethereum continued to trade below $1,800 on Monday.
Bitcoin
Bitcoin (BTC) started the week trading marginally higher, with prices hovering near the $28,000 level.
After a low of $27,678.15 on Sunday, BTC/USD moved to a high of $28,178.14 earlier in today’s session.
The move saw bitcoin edge towards a recent resistance point at the $28,300 mark, which was last hit on Friday.
Overall, BTC has largely consolidated on Monday, which comes as the 14-day relative strength index (RSI) collided with a ceiling at the 65.00 zone.
At the time of writing, the index is following the 64.51 level, with the next visible support point at the 62.00 mark.
Should bulls take the price strength below this point, there is a strong possibility that BTC could move below $27,000.
Ethereum
Ethereum (ETH) largely consolidated on Monday, as prices moved away from a key price floor in today’s session.
ETH/USD jumped to a high of $1,797.88 earlier in the day, which comes less than 24 hours after falling to a low of $1,748.44.
Since hitting a seven-month high of $1,861 last Thursday, the world’s second-largest cryptocurrency has largely traded below $1,800.
Overall, ethereum is down 1.19% from the same point last week, with prices mostly moving between a floor of $1,730, and a ceiling of $1,820.
The 10-day (red) moving average has now begun to reverse direction, with upward momentum now waning.
Prices may continue to trend sideways towards April, unless some unexpected news moves the markets.
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Do you expect ethereum to end the month below $1800? Leave your thoughts in the comments below.
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