Bitcoin continued to hover around the $23,000 level on January 23 as bullish sentiment remains high in the market. Over the weekend, the world’s largest cryptocurrency rose to its most bullish level since August, and bulls are consolidating these gains. Ethereum also traded in the green today, holding above $1600 in the process.
Bitcoin
Bitcoin (BTC) continued to trade near five-month highs early in the week as crypto market sentiment remained bullish.
After hitting a low of $22,387.90 on Sunday,BTC/USD recorded an intraday peak of $23,056.73 earlier in the session today.
On Saturday,.BTCrose to a high of $23,375, the strongest point since August 18, and it looks as if the bulls are hoping to retake this point.
It looks like the 14-day Relative Strength Index (RSI) will need to head back toward the 91.00 ceiling in order to accomplish this.
Currently, the index is at the 85.26 level and is already overbought, so it is possible that some may choose to take profits and abandon their earlier positions.
At the time of writing,BTCis trading at $22,876.55, slightly higher than Sunday’s peak.
Ethereum
Ethereum (ETH) also appears to be consolidating its weekend gains, with prices holding around the $1,600 level.
On Monday,ETH/USD has so far climbed to a peak of $1658.02, relatively close to Saturday’s four-month high of $1680.
Today’s peak occurred as the world’s second-largest cryptocurrency rebounded from its bottom at the $1,610 level.
The chart shows that the rebound occurred after a failed breakout of the RSI indicator support point at 75.00.
The indicator is currently at 75.23, confirming that the next resistance level is in the 80.00 zone.
ETH The bulls are still looking for a move above $1700, and to do so, they must first overcome the 80.00 mark.
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