Bitcoin started the week trading around the $28,000 mark, as markets reacted to the news that Silicon Valley Bank was to be acquired. First Citizen Bank has agreed to purchase approximately $72 billion in assets from SVB, at a discount rate of $16.5 billion. Ethereum continued to trade below $1,800 on Monday.
Bitcoin
bitcoin (BTC) began the week trading marginally higher, with prices hovering around the $28,000 level.
After a bottom of $27,678.15 on Sunday, BTC/USD moved to a high of $28,178.14 earlier in today’s session.
The move sent Bitcoin approaching a recent resistance point at the $28,300 mark, which was last reached on Friday.
In general, BTC mainly consolidated on Monday, which comes as the 14-day RSI hit a top in the 65.00 area.
At time of writing, the index is at the 64.51 level, with the next visible point of support at the 62.00 mark.
If the bulls take price strength below this point, there is a very good chance that BTC it could move below $27,000.
Ethereal
ethereal (ETH) consolidated to a large extent on Monday, as prices moved away from a key price low in today’s session.
ETH/USD jumped to a high of $1,797.88 earlier in the day, coming less than 24 hours after falling to a low of $1,748.44.
Since hitting a seven-month high of $1,861 last Thursday, the world’s second-largest cryptocurrency has mostly traded below $1,800.
Overall, ethereum is down 1.19% from the same point last week, with prices mostly moving between a low of $1,730 and a ceiling of $1,820.
The 10-day moving average (red) has now begun to reverse direction, with bullish momentum now fading.
Prices may continue to trend sideways heading into April, unless some unexpected news moves the markets.
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