As markets were ready for a huge week of economic data in the US, Bitcoin started the week trading higher. Along with information on services and manufacturing activities, Friday’s nonfarm payroll figures will be the main news. On Monday, the price of Ethereum stayed above a critical support level.
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Bitcoin
Beginning the week in the black, the price of Bitcoin (BTC) was at its highest level since last Friday.
Going into August, which traditionally has been a strong month for the cryptocurrency, traders are confident.
BTC/USD reached an intraday high of $29,489.87, up from a session low of $29,059.50 on Sunday.
The relative strength index (RSI) was on the verge of hitting with a resistance level at 46.00 when bitcoin bulls refused a breakout below the $29,000 barrier.
Relative Strength Index (RSI) 🧢
– The RSI is a momentum indicator that shows whether an asset is overbought or oversold. It does this by measuring the magnitude of recent price changes (the standard setting is the previous 14 periods – so 14 days, 14 hours, etc.). The data is… pic.twitter.com/9L8reGWvFK
— nabilorion ⚡️🩵 (@nabilorion_FF) July 31, 2023
This ceiling seems to be a significant obstacle to the price’s progress toward its clear objective, which is the $30,000 level.
The RSI is tracking at 45.97 at the time of writing, and the price of one bitcoin is $29,362.66.
Ethereum
On Monday, Ethereum (ETH) held above a crucial support level at $1,850 as investors continued to eye the $1,900 mark.
ETH/USD surged to a high of $1,884.14 earlier in the day after hitting a low of $1,851.73 on Sunday.
It has been ten days since the second-largest cryptocurrency in the world last traded above $1,900.
IT HAS BEEN??? TEN DAYS???? SINCE BID DELUXE WAS RELEASED????? UR KIDDING
— did chase atlantic release an album today? (@whencaalbum) May 13, 2022
Similar to BTC, for ETH to continue moving upward, it must first break through a top on the RSI that is currently in place.
The index is currently trading just below a significant resistance level of 48.00 at 47.72.