As the market returned from the Easter vacation, bitcoin rose above $28,000 to start the week. The move allowed the world’s largest cryptocurrency to briefly break through $28,500, a key resistance line. Ethereum also rose, closing in on the $1,900 level.
Bitcoin
Bitcoin (BTC) returned above $28,000 at the end of the week as market sentiment shifted to the bullish camp after the Easter vacation.
BTC/USD rose to a high of $28,532.83 earlier today’s session after trading as low as $27,828.48 the day before.
As a result of the move,BTC/USD briefly passed the $28,500 ceiling, but momentum has since shifted.
Initially, today’s rally was due to the 14-day Relative Strength Index (RSI) bouncing back from a recent bottom at 58.00
As of this writing, the index is hovering at 61.07, with the next resistance point at the 65.00 mark.
BTCis trading at $28,327.63 at the time of writing.
Ethereum
40} plus BTC, Ethereum (ETH) also rose on Monday, with prices approaching the $1,900 level.
following a low of $1,828.78 onETH/USD rose to a peak of $1,873.06 at the end of the week.
Today’s price spike was due to bulls re-entering the market after a temporary break below the $1,830 low.
The earlier gains eased as a result of the RSI approaching the key resistance point of 62.00.
At the time of writing, price strength is at a reading of 58.83, with the index closing in on the 62.00 ceiling.
Should ETHmove above this point, prices are likely to surge above $1,900.
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