Volatility in crypto markets was high on Monday as Bitcoin was largely in the red to start the week. The token has once again moved below $20,000 as prices seem to be consolidating. Ethereum was trading sideways, with the price falling slightly below key support levels earlier in the day.
Bitcoin
Bitcoin (BTC) started this week exactly how it ended the previous one, not only in the red, but trading below $20,000.
The world’s largest cryptocurrency fell to a low of $19,673.05 on Monday as post-farm payrolls-report depression continued.
Today’s lows have seen BTC/USD close to the $19,600 support point for the short term, however, bulls have resisted a move below this point so far.
Looking at the chart, the decline appears to have come as the 24-day Relative Strength Index (RSI) failed to break through its own ceiling.
As of writing, the RSI is tracking at 35.84, which is below the aforementioned resistance point of 37.90.
For Bitcoin to climb back above $20,000, this is likely to be the first hurdle it must overcome.
Ethereum
Although ethereum (ETH) was once again trading below $1,600, the price was mostly up from Sunday’s lows.
ETH/USD touched a low of $1,540 in yesterday’s session, but reached an all-time high of $1,584.26.
The move puts ethereum close to the $1,615 resistance level, which looks like a very uncertain area.
This level of volatility has increased and the RSI is also near the same resistance point, as the index currently tracks at 48.00.
As can be seen from the chart, the bears usually choose to re-enter at this point, which is capitalized on the bulls waiting for the breakouts.
Like Bitcoin, if ETH bulls intend to send the price soaring, they must first overcome these points of contention.
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