Bitcoin opened the week trading above $19,000 as bulls slowly returned to the token following a recent sell-off. Ethereum also rallied Monday after a brief trading session below $1,300. Overall, the global crypto market is down 1.19% at the time of writing.
Bitcoin (BTC) traded slightly higher on Monday as bullishness began to return to the crypto market after a recent sell-off.
Following a low of $19,118.19 on Sunday,.BTC/USD rose to an intraday high of $19,491.33 earlier in the day.
In Monday’s action, the world’s largest cryptocurrency rose toward a key price ceiling of $19,500.
The chart shows a price rebound as the 14-day relative strength index (RSI) recently broke through resistance at 48.00.
As of this writing, the index is at 49.42, confirming that the next resistance point is near the 56.00 level.
If price strength continues toward this point, we could see price move toward the $20,000 mark.
Ethereum (ETH) also surged earlier in the week, with the token rising for the second consecutive session.
After a brief breakout below the $1,275 floor on Saturday, Ethereum put together a run of consecutive gains.
Today’s surge comes a day after the token hovered near $1,281.29 and peaked at $1,322.33.
Despite today’s rally, the momentum of theETH/USD is bearish; the 10-day moving average (red) and 25-day moving average ( blue) are both trending lower and remain bearish for /USD.
With the $1330 ceiling near and the RSI close to failure, bulls are likely to enter modestly at this point.
As of this writing, the index is hovering at 45.87, slightly below the ceiling of 46.00.
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