Bitcoin continued to hover across the $23,000 degree on Jan. 23, as bullish sentiment remained excessive in markets. Over the weekend the world’s largest cryptocurrency rose to its strongest degree since August, with bulls transferring to consolidate these positive factors. Ethereum additionally traded within the inexperienced right now, remaining above $1,600 within the course of.
Bitcoin (BTC) continued to commerce close to a five-month excessive to start out the week, as sentiment in crypto markets remained bullish.
Following a low of $22,387.90 on Sunday, BTC/USD hit an intraday peak of $23,056.73 earlier in right now’s session.
On Saturday, BTC rose to a excessive of $23,375, which was its strongest level since August 18, and it seems as if bulls are hoping to recapture this level.
To be able to obtain this, the 14-day relative power index (RSI) will possible want to maneuver again in direction of a ceiling at 91.00.
At present, the index is on the 85.26 degree, which is already overbought, and this might result in some opting to safe positive factors and abandon earlier positions.
As of writing, BTC is buying and selling at $22,876.55, which is marginally greater than Sunday’s peak.
Ethereum (ETH) additionally seemed to be consolidating the weekend’s positive factors, with costs remaining above the $1,600 mark.
On Monday, ETH/USD has thus far risen to a peak of $1,658.02, which is comparatively near Saturday’s four-month excessive at $1,680.
In the present day’s peak comes because the world’s second largest cryptocurrency rebounded from a ground across the $1,610 mark.
Wanting on the chart, the rebound came about following a failed breakout of a help level of 75.00 on the RSI indicator.
As of writing, the indicator is monitoring at 75.23, with the following seen resistance degree at 80.00 zone.
ETH bulls will possible be nonetheless concentrating on a transfer above $1,700, and for this to happen, the 80.00 mark should first be overcome.
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