Bitcoin remained near a ten-day high on Monday as prices consolidated after the weekend’s gains. Although ETH was lower to start the week, it was also able to stay close to Sunday’s peak around the $1,280 level.
BTC was consolidating during today’s trading session as the bulls appear to have taken profits after recent gains.
After peaking at $21,783.72 on Sunday, BTC/USD hit an intraday low of $20,965.11 on Monday.
The decline sees bitcoin start the week down nearly 2%, but still close to recent highs as bullish sentiment persists.
In terms of bullish sentiment, this can be seen in today’s action, with prices bouncing back from previous lows, and at the time of writing it sits at $21,261.87.
As reported over the weekend, one of the hurdles that could have prevented BTC from making further gains was the 36.45 cap on the RSI, and it turned out to be the case.
Looking at the chart, today’s drop comes as price strength was unable to break out of this point, and at the time of writing the indicator sits at 36.
There was a similar story for Ethereum in today’s session, as the price slid, while remaining close to recent highs.
ETH/USD fell to an intraday low just below $1,200 at $1,199.41, but as the session progressed, Ethereum managed to regain some momentum.
As of this writing, ETH is now trading at $1,217.17, around 3.17% lower than yesterday’s peak at $1,272.13.
The bulls seemed determined to regain the $1,300 level over the past weekend, but like BTC, this desire was not realized, due to obstacles in the RSI indicator.
The 39.80 cap on the Relative Strength Index was impenetrable this weekend and as such the bulls decided to liquidate earlier gains.
However, traders are likely to make another run at this level in the coming days, which would see prices re-enter the $1,300 region.
Will we see more price spikes before the end of the month? Leave your thoughts in the comments below.
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