Bitcoin Remains Close to $30,000
Over the weekend, Bitcoin was trading just below the $30,000 mark as some investors aimed to capitalize on the week’s gains. After reaching a peak of $30,104.09 on Friday, BTC/USD dropped to a low of $29,816.64 during the current session. However, it is still higher than yesterday’s low at $29,376.12.
Traders are keeping an eye on the relative strength index (RSI), which is currently at 73.17 – its highest level since February. This has raised concerns among some traders about a possible pullback. If this happens in the next few days, bears may try to push Bitcoin down to the $29,000 level.
Ethereum Maintains Above $1,600
Ethereum (ETH) also experienced a slight decline at the start of the weekend but remains above $1,600. The price dropped to a low of $1,593.45 before rising to a high of $1,610.11.
Unlike Bitcoin, Ethereum has not entered overbought territory and currently has an RSI reading of 51.76. It is slightly above the resistance point at 50.00, with the next significant resistance level around 60.00.
If bulls continue pushing, Ethereum could potentially surpass $1,650 in value.
Hot Take: Crypto Markets Await ETF Approval
The possibility of ETF approval has been a major topic of discussion in the crypto markets this week. Traders are optimistic that if an ETF is approved, it could lead to a surge in crypto prices. While Bitcoin and Ethereum experienced some minor fluctuations over the weekend, they remain within their respective price ranges. The RSI levels for both cryptocurrencies are being closely monitored, as they could indicate potential market movements. Overall, the crypto community eagerly awaits any news regarding ETF approval and its potential impact on the market.
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