Bitcoin continued to hover across the $23,000 stage on Jan. 23, as bullish sentiment remained excessive in markets. Over the weekend the world’s largest cryptocurrency rose to its strongest stage since August, with bulls transferring to consolidate these features. Ethereum additionally traded within the inexperienced at the moment, remaining above $1,600 within the course of.
Bitcoin
Bitcoin (BTC) continued to commerce close to a five-month excessive to begin 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 at the moment’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.
With the intention to obtain this, the 14-day relative power index (RSI) will probably want to maneuver again in the direction of a ceiling at 91.00.
Presently, the index is on the 85.26 stage, which is already overbought, and this might result in some opting to safe features 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
Ethereum (ETH) additionally gave the impression to be consolidating the weekend’s features, with costs remaining above the $1,600 mark.
On Monday, ETH/USD has up to now risen to a peak of $1,658.02, which is comparatively near Saturday’s four-month excessive at $1,680.
At present’s peak comes because the world’s second largest cryptocurrency rebounded from a ground across the $1,610 mark.
Trying on the chart, the rebound occurred 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 stage at 80.00 zone.
ETH bulls will probably 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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