Bitcoin
Bitcoin is currently trading below $26,000, with lower volume in the cryptocurrency market. The price of BTC/USD started the week at an intraday low of $25,817.03 after reaching a high of $26,087.15 the day before. However, bitcoin bulls have rejected this retracement and the decline has brought the price closer to the support at $25,600.
- The 14-day relative strength index (RSI) has found support at the 35.00 mark, which has helped ease the bearish pressure.
- The RSI is currently at 37.16, with the next visible resistance point at 43.00.
- If this resistance is broken, bitcoin bulls are likely to push the price towards $28,000.
Ethereum
Ethereum (ETH) has narrowly avoided dropping below $1,600 in the last 24 hours, despite bearish market sentiment. The price of ETH/USD hit a bottom of $1,603.03 on Sunday but climbed to a peak of $1,650.71 to start the week. Currently, it is trading at $1,633.67.
- Downward momentum for Ethereum eased as the RSI found stable support at 36.00.
- The current RSI reading is 36.79, and the 10-day and 25-day moving averages are on the verge of an upward cross.
- If the upward cross occurs and the RSI remains above 36.00, there is a good chance that ETH will move above $1,700 in the coming days.
Hot Take
Both bitcoin and ethereum are experiencing some volatility in their prices. While bitcoin is facing potential support at $25,600, ethereum managed to avoid dropping below $1,600. The RSI indicators for both cryptocurrencies are showing potential for bullish movements. It will be interesting to see if bitcoin can break through the resistance at $28,000 and if ethereum can surpass $1,700 in the near future.
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