Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $30,000 as Balenciaga Greenlights Crypto Payments

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.

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.

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.



from Bitcoin News https://ift.tt/NOa7VX0
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more