BTC Remains Near $23,000 to Start the Week – Market Updates Bitcoin News

Please fol­low and like us:
Pin Share

Bit­coin con­tin­ued to hov­er around the $23,000 lev­el on Jan. 23, as bull­ish sen­ti­ment remained high in mar­kets. Over the week­end the world’s largest cryp­tocur­ren­cy rose to its strongest lev­el since August, with bulls mov­ing to con­sol­i­date these gains. Ethereum also trad­ed in the green today, remain­ing above $1,600 in the process.

Bitcoin

Bit­coin (BTC) con­tin­ued to trade near a five-month high to start the week, as sen­ti­ment in cryp­to mar­kets remained bullish.

Fol­low­ing a low of $22,387.90 on Sun­day, BTC/USD hit an intra­day peak of $23,056.73 ear­li­er in today’s session.

On Sat­ur­day, BTC rose to a high of $23,375, which was its strongest point since August 18, and it appears as though bulls are hop­ing to recap­ture this point.

BTC/USD – Dai­ly Chart

In order to achieve this, the 14-day rel­a­tive strength index (RSI) will like­ly need to move back towards a ceil­ing at 91.00.

Cur­rent­ly, the index is at the 85.26 lev­el, which is already over­bought, and this could lead to some opt­ing to secure gains and aban­don pre­vi­ous positions.

As of writ­ing, BTC is trad­ing at $22,876.55, which is mar­gin­al­ly high­er than Sunday’s peak.

Ethereum

Ethereum (ETH) also appeared to be con­sol­i­dat­ing the weekend’s gains, with prices remain­ing above the $1,600 mark.

On Mon­day, ETH/USD has so far risen to a peak of $1,658.02, which is rel­a­tive­ly close to Saturday’s four-month high at $1,680.

Today’s peak comes as the world’s sec­ond largest cryp­tocur­ren­cy rebound­ed from a floor around the $1,610 mark.

ETH/USD – Dai­ly Chart

Look­ing at the chart, the rebound took place fol­low­ing a failed break­out of a sup­port point of 75.00 on the RSI indicator.

As of writ­ing, the indi­ca­tor is track­ing at 75.23, with the next vis­i­ble resis­tance lev­el at 80.00 zone.

ETH bulls will like­ly be still tar­get­ing a move above $1,700, and for this to occur, the 80.00 mark must first be overcome.

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

Could ethereum climb above $1,700 this week, despite prices being over­bought? Leave your thoughts in the com­ments below.

Eliman Dambell 

Eli­man brings an eclec­tic point of view to mar­ket analy­sis. He was pre­vi­ous­ly a bro­ker­age direc­tor and online trad­ing edu­ca­tor. Cur­rent­ly, he acts as a com­men­ta­tor across var­i­ous asset class­es, includ­ing Cryp­to, Stocks and FX, whilst also a start­up founder.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

Dis­claimer: This arti­cle is for infor­ma­tion­al pur­pos­es only. It is not a direct offer or solic­i­ta­tion of an offer to buy or sell, or a rec­om­men­da­tion or endorse­ment of any prod­ucts, ser­vices, or com­pa­nies. Bitcoin.com does not pro­vide invest­ment, tax, legal, or account­ing advice. Nei­ther the com­pa­ny nor the author is respon­si­ble, direct­ly or indi­rect­ly, for any dam­age or loss caused or alleged to be caused by or in con­nec­tion with the use of or reliance on any con­tent, goods or ser­vices men­tioned in this article.



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.