Bitcoin remained near 10-day highs on Monday as prices consolidated following gains from the weekend.13} ETH, though down, started the week lower, but managed to hold near Sunday’s peak at the $1,280 level.
BTCconsolidated during today’s trading session as bulls appeared to secure gains following recent gains.
Coming off the back of a high of $21,783.72 on Sunday,BTC/USD rose to an intraday low of $20,965.11 on Monday.
The drop leaves bitcoin to end the week down about 2%, but still trading near recent highs as bullish sentiment remains.
Against this backdrop, the BTC price is showing signs of a move higher, hovering at $21,261.87.
As outlined over the weekend, one of the hurdles that could have preventedBTC from rising further was the 36.45 cap on the RSI, which has now materialized.
Looking at the chart, today’s decline was due to price strength failing to break out of this point, and at the time of writing, the indicator is tracking at 36.
There was a similar story for Ethereum in today’s session, with prices falling but also near recent highs.
ETH/USD fell to an intraday low of $1,199.41, just below $1,200, but as the session progressed, Ethereum managed to regain momentum.
At the time of writing,ETHis currently trading at $1,217.17, roughly 3.17% lower than yesterday’s peak of $1,272.13.
The bulls looked to retake the $1300 level this weekend, as didBTClike BTCthis aspiration did not materialize due to hurdles from the RSI indicator.
The ceiling of the Relative Strength Index of 39.80 was broken through this weekend, and thus the bulls decided to liquidate their earlier gains.
However, traders may challenge this level again in the coming days, in which case prices will re-enter the $1300 region.
Image credit: Shutterstock, Pixabay, Wiki Commons