Bitcoin continued to hover around the $23,000 level on January 23, as bullish sentiment remained high in the markets. Over the weekend, the world’s largest cryptocurrency rallied to its strongest level since August, with bulls moving in to consolidate these gains. Ethereum was also trading in the green today, holding above $1,600 in the process.
Bitcoin
bitcoin (BTC) continued to trade near a five-month high to start the week as sentiment in the crypto markets remained bullish.
After a low of $22,387.90 on Sunday, BTC/USD reached an intraday high of $23,056.73 earlier in today’s session.
On Saturday, BTC It rose to a high of $23.375, which was its strongest point since August 18, and it seems that the bulls are hoping to recapture this point.
To achieve this, the 14-day RSI will likely need to pull back towards a top at 91.00.
The index is currently at the 85.26 level, which is already overbought, and this could lead some to opt to lock in gains and exit previous positions.
At the time of writing, BTC It is trading at $22,876.55, which is marginally higher than Sunday’s peak.
Ethereal
ethereal (ETH) also seemed to be consolidating the gains from the weekend, with prices holding above the $1,600 mark.
Monday, ETH/USD has risen so far to a high of $1,658.02, which is relatively close to Saturday’s four-month high of $1,680.
Today’s spike comes as the world’s second-largest cryptocurrency rallied from a floor around $1,610.
Looking at the chart, the bounce took place after a failed breakout of a support point of 75.00 on the RSI indicator.
At time of writing, the indicator is at 75.23, with the next resistance level visible at the 80.00 area.
ETH The bulls are likely to continue to target a move above $1700, and for this to happen, the 80.00 mark must first be broken.
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Could Ethereum rally above $1700 this week, despite prices being overbought? Leave your thoughts in the comments below.
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