AnalysisBitcoinMarket UpdatesNews
Bitcoin rallied to above $30,000 to start the week, as bulls returned to crypto markets on Monday. The news comes as it was announced that fashion brand Balenciaga is set to accept crypto payments. ETH also moved higher on the news.
Bitcoin
BTC climbed to its highest point in four days earlier in today’s session, as markets reacted to the news that Balenciaga had decided to begin accepting crypto payments.
Following a bottom of $29,710.18 on Sunday, BTC/USD surged to a peak of $30,590.59 during Monday’s session.
Today’s climb comes as bitcoin continues to move away from its recent support at $28,800, following marginal gains in the past few days.
BTC/USD – Daily Chart
As a result of this mini run of results, BTC is now trading close to a resistance point at $30,900, with the RSI also at a ceiling of its own.
Looking at the chart, the 14-day Relative Strength Index is currently tracking at 40.67, which is close to its ceiling at 41.63.
Recent bullish momentum will be tested as we approach this level, with bears likely to begin re-entering the market.
Ethereum
ETH was also up over the course of today’s session, as it once again rose above $2,000 following a brief drop in price during the weekend.
So far today, ETH/USD has risen to an intraday high of $2,080.37, following Sunday’s low of $1,993.98.
Similar to BTC, ETH is also heading towards a resistance level of its own, which is near the $2,100 point.
ETH/USD – Daily Chart
As prices have risen, so has relative strength, with the 14-day RSI now tracking at its highest point in just over three weeks.
The index is currently reading at 39.60, which is its highest point since May 7, and very close to hitting a ceiling at 40.5.
Unless we see further gains in price strength above the current resistance points, then we will likely see prices continue to consolidate to end this month.
Will we see any significant gains in ETH this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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Source : Bitcoin
