Bitcoin continues to consolidate and the market started the week. Volatility remained intact prior to the Christmas break. The world’s largest cryptocurrency fell below $17,000 on Monday as the price attempted to break through key resistance levels. Ethereum fell below $1,200 on Monday.
Bitcoin
Bitcoin (BTC) fell below $17,000 in the week as prices continued to stabilize after a volatile weekend. started.
Following Sunday’s low of $16,671.80,BTC/USD climbed to a peak of $16,815.39 early in today’s session.
Monday’s move saw the world’s largest cryptocurrency rise above the key resistance level of $16,700.
Nonetheless, both bulls and bears dominate the price However, market sentiment remains volatile to date.
As can be seen from the
chart, uncertainty occurs when the 14-day Relative Strength Index (RSI) breaks below the 46.00 mark resistance point. The
index is currently tracking 44.16 and the lower bound of 42.00 appears to be a bearish target. The price can keep going up until the support or resistance breaks.
Ethereum
Ethereum (ETH) also consolidated during Monday’s session, dropping below $1,200.
ETH/USD hit an intraday high of $1,192.92 earlier in the day, but the bulls failed to break out of $1,200.
Today’s move comes as the price found a tentative bottom at $1,170 over the weekend, which the bulls are using as an entry point.
Looking at the chart, this floor has an RSI of 39.00 and price strength has turned to rebound.
At the time of writing, the index is tracking 42.30 and capping the next visible resistance level of 44.00.
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