Bitcoin started the week by consolidating above the $28,000 level as markets brace for a big week of US economic data. The headline will be Non-Farm Payrolls this Friday, which is expected to fall to 238,000. job. Ethereum is holding above $1,800 at the time of writing.
Bitcoin
bitcoin (BTC) began the week by consolidating around the $28,000 level, as volatility in the crypto markets remained high.
After a low of $27,607.67 earlier in today’s session, BTC/USD rose to a high of $28,475.62 as the day progressed.
The move sent Bitcoin closer to a recent resistance level of $28,500, which was broken over the weekend.
The recent price consolidation comes as the 14-day RSI failed to move beyond a top at 65.00.
At time of writing, the index is sitting at 62.00, which is also a key support point for traders.
Overall, the world’s largest cryptocurrency is now trading 1.46% higher than the same time last week.
Ethereal
ethereal (ETH) continues to trade above the $1800 level, and traders continue to look for a break above a key resistance level.
ETH/USD rose to a high of $1,819.29 early in today’s session, which comes after a previous low of $1,765.52.
As a result of today’s jump, ethereum bulls tried to move towards a top of $1,825, however momentum has since subsided.
This comes as previous bulls seemingly exited their positions when the RSI hit a wall at the 60.00 level.
At the time of writing, price strength is now at the 57.77 mark, with the next top visible around the 62.00 region.
On top of this, the 10-day moving average (red) is now nearing a downside crossover with its 25-day counterpart (blue), which could signal upcoming price weakness.
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