Bitcoin began the week trading in the $28,000 range as the market reacted to news that Silicon Valley Bank is being acquired.First Citizen Bank has agreed to purchase approximately $72 billion, and agreed to purchase them at a discounted rate of $16.5 billion. Ethereum continued to trade below $1,800 on Monday.
Bitcoin
Bitcoin (BTC) traded modestly higher for the week, with prices hovering near the $28,000 level.
After bottoming out at $27,678.15 onBTC/USD moved to a high of $28,178.14 earlier today’s session.
This move sent bitcoin towards the recent resistance point of $28,300, which was last hit on Friday.
Overall,BTCnearly consolidated on Monday, which came as the 14-day Relative Strength Index (RSI) collided with the ceiling at the 65.00 zone.
At the time of this writing, the index is hovering at the 64.51 level, with the 62.00 mark in sight as the next support point.
If bulls take price strength below this point,it is likely that BTCcould fall below $27,000.
Ethereum
Ethereum (ETH) consolidated heavily on Monday as prices moved away from a key price floor in today’s session.
ETH/USD rose to a peak of $1797.88 during the day, less than 24 hours after falling to a low of $1748.44.
Since hitting a seven-month high of $1,861 last Thursday, the world’s second-largest cryptocurrency has traded mostly below $1,800.
Overall, Ethereum is down 1.19% from the same point last week, with prices moving primarily between a floor of $1,730 and a ceiling of $1,820.
The 10-day moving average (red) is now starting to change direction and the upside momentum is fading.
As we move into April, prices may continue to trend sideways unless unexpected news moves the market.
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