BTC Lower, After Brief Rally Above $25,000 – Market Updates Bitcoin News
Bitcoin traded lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. At the time of writing, the global cryptocurrency market cap is trading 2.85% lower. Ethereum also edged lower on Monday, with prices moving away from a recent peak above $2,000.
Bitcoin
After a brief stay above $25,000 over the weekend, bitcoin (BTC) traded in the red to start the new week.
On Sunday, BTC/USD hit an intraday high of $25,135.59, but the world’s largest token fell to a low of $23,960.03 today.
Sunday’s high was the most bitcoin has traded for since June 14, when prices for the token topped $26,700.
Looking at the chart, today’s price decline comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.
In addition to this follows the 14-day relative strength index (RSI) of 56.44, which comes after it failed to break out of a ceiling of 61.80.
This continues to be the main obstacle to BTC rising back above $25,000 for an extended period.
Ethereum
In addition to BTC falling below $25,000, ethereum (ETH) also fell to start the week, as the token fell below $2,000.
Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.
On Monday, however, ETH/USD fell to a low of $1,887.82, which was less than a day after trading at a high of $2,007.21.
This bearish swing in ethereum also comes as a result of the RSI being overbought, as it climbed above 71, which was its highest point since April 4.
At the time of writing, the index is trailing 62, which comes as bearish sentiment swept through the markets to start the week.
Prices will now be tested, with the index now near a floor of 61, and should momentum move below this point, we could see further declines.
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Can Ethereum climb back above $2000 this week? Leave your thoughts in the comments below.
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