Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of writing, the global cryptocurrency market cap is currently trading 2.85% lower. Ethereum also dropped lower on Monday, with prices moving away from a recent high above $2,000.

Bitcoin


After a brief stint above $25,000 over the weekend, bitcoin (BTC) was trading in the red to start the new week.

On Sunday, BTC/USD hit an intraday high of $25,135.59, however the world’s largest token slipped to a bottom of $23,960.03 today.

Sunday’s high was the most bitcoin has traded at since June 14, when prices of the token were over $26,700.



Looking at the chart, today’s decline in price comes after a resistance level of $24,800 was hit over the weekend, with bulls unable to sustain the uptrend required to push prices higher.

In addition to this, the 14-day relative strength index (RSI) is tracking at 56.44, which comes after failing to break out of a ceiling of 61.80.

This continues to be the main obstacle in the way of BTC rising back above $25,000 for a longer period of time.

Ethereum


In addition to BTC falling below $25,000, ethereum (ETH) also slipped to start the week, as the token dropped below $2,000.

Over the weekend, prices of the world’s second-largest token by market capitalization moved above $2,000 for the first time since May.

However, on Monday, ETH/USD dropped to a low of $1,887.82, which was less than a day after trading at a high of $2,007.21.



This bearish turn in ethereum also comes as a result of the RSI being overbought, as it climbed above 71, which was its highest point since April 4.

As of writing, the index is tracking at 62, which comes as bearish sentiment swept through markets to start the week.

Prices will now be tested, with the index now close to a floor of 61, and should momentum move below this point, then we could see further declines.

Register your email here to get weekly price analysis updates sent to your inbox:

Can ethereum climb back above $2,000 this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/KnyTVp0
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