Bitcoin rose above $30,000 to start the week as bulls returned to the crypto market on Monday. The news comes as fashion brand Balenciaga announced it is set to accept crypto payments. ETHalso moved higher on this news.
Bitcoin
BTCrose to a four-day high earlier in today’s session as the market reacted to news that Balenciaga has decided to begin accepting crypto payments.
Following a bottom of $29,710.18 on Sunday,BTC/USD soared to a peak of $30,590.59 in Monday’s session.
Today’s rally means that bitcoin is moving away from its recent support at $28,800 following slight gains over the past few days.
As a result of this mini run,BTCis now trading near the $30,900 resistance point, with the RSI at its ceiling.
The chart shows that the 14-day Relative Strength Index is currently at 40.67, close to the ceiling at 41.63.
Approaching this level will likely test the recent bullish momentum and begin to see bears re-enter the market.
Ethereum
ETHalso rallied in today’s session and, after briefly losing ground over the weekend, is back above $2,000.
so far today,is ETH/USD rose to an intraday high of $2,080.37 following Sunday’s low of $1,993.98.
76} as well as BTC, ETHis also heading toward its own resistance level around the $2,100 point.
As prices rise, so does relative strength, with the 14-day RSI now at its highest level in a little over 3 weeks.
It is currently at 39.60, its highest since May 7 and very close to the ceiling at 40.5.
Unless price strength increases further above the current resistance point, we expect price consolidation to continue through the end of the month.
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