Following a strong weekend, bitcoin’s surge continued to start the week, as Tesla announced close to $2 billion worth of holdings in BTC. Overall, crypto markets were around 3% higher on Monday.
Bitcoin
Bitcoin, which consolidated for the majority of last week, moved closer to a three-week high today, climbing by as much as 3% as of writing.
BTC/USD rose to an intraday high above $43,500.00 during Monday’s session, as markets reacted to the news that Tesla currently holds $1.9 billion in bitcoin.
The move came as bitcoin marginally broke out of its resistance level of $42,060 for the first time since January 21.
As of writing, the RSI also climbed to a high point, tracking above its long-term ceiling of 60, which it last hit in mid-November.
Monday’s move has also led to a crossover of the 10-day (red) and 25-day (blue) moving averages, which many long-term bulls have been waiting for.
Bulls may take this as a sign to add more upward pressure to prices, with some targeting $45,000 as the next point of profit taking.
Ethereum
ETH was also tracking at multi-week highs on Monday, as bulls continue to flock to the world’s second largest cryptocurrency.
As of writing, ETH/USD climbed to a high of $3,111.16 today, after trading at $2,965.43 less than 24-hours ago.
Overall, ethereum is up over 20% in the last week, coming as its 14-RSI broke beyond two key resistance levels in that time.
The first break came after a break above 44 on February 3, followed by Saturday’s surge above the 55 ceiling.
These moves have created a shift in both the 10-day and 25-day moving averages, which, similar to BTC, is set for a crossover.
Is ETH now headed to a resistance of $3,400? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Credit: Source link
