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.
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.
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.
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Can ethereum climb back above $2,000 this week? Leave your thoughts in the comments below.
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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