Bitcoin
Bitcoin (BTC) is starting the week on a positive note, as its price reaches its highest point since last Friday. Traders are feeling optimistic about August, as historical data shows it to be a bullish month for the cryptocurrency. BTC/USD reached an intraday high of $29,489.87, bouncing back from a low of $29,059.50 on Sunday.
- Bitcoin bulls have prevented a breakout below the $29,000 mark.
- The relative strength index (RSI) is nearing a resistance level at 46.00, posing a challenge for further price movement towards $30,000.
- At the moment, the RSI is at 45.97 and bitcoin is trading at $29,362.66.
Ethereum
Ethereum (ETH) is maintaining its position above the key support level at $1,850, as traders set their sights on reaching $1,900. After hitting a low of $1,851.73 on Sunday, ETH/USD has climbed to a peak of $1,884.14 earlier today. The second largest cryptocurrency has not traded above $1,900 for the past ten days.
- Similar to BTC, ETH needs to break through a current resistance level on the RSI to continue its upward momentum.
- The RSI is currently at 47.72, slightly below the key resistance level at 48.00.
Hot Take
Bitcoin and Ethereum are both showing positive signs, with bitcoin trading at its highest point in a week and Ethereum holding above a key support level. However, both cryptocurrencies face resistance levels on the RSI that could hinder further price increases. Traders will be closely watching these levels to see if BTC can reach $30,000 and if ETH can break through the $1,900 mark.
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