BTC Extends Gains, ETH Strengthens Ahead of Consolidation – Market Updates Bitcoin News

After a multi-week high over the weekend, ethereum rallied on Monday as market volatility increased ahead of tomorrow’s consolidation. The token, which continues to trade above $1,700, has fallen from Sunday’s high. Bitcoin remains higher, rising for a sixth consecutive session.


Bitcoin (BTC) rose for the sixth straight session to start the week, with sentiment in cryptocurrency markets remaining largely bullish.

BTC/USD traded at a low of $21,493.03 in less than 24 hours, and earlier peaked at $22,244.38.

Today’s rally sees the token now up more than 12 percent over the past seven days, with some expecting more gains this week.

Bitcoin, Ethereum Technical Analysis: BTC Extends Gains, ETH Consolidates Before Consolidation
BTC/USD – Daily Chart

Looking at the chart, recent bullish momentum has shifted price strength into overbought territory.

As of writing, the 14-day Relative Strength Index (RSI) is currently tracking at 59.67, and this comes after a recent breakout of the 55.40 resistance point.

In addition, the 10-day (red) moving average is now at the top of the cross with its 25-day (blue) counterpart, which may indicate a bullish trend.


Ethereum (ETH) rallied on Monday as traders prepared for the event ahead of tomorrow’s consolidation.

Following Sunday’s high of $1,782.73, ETH/USD fell to a low of $1,721.63 earlier today.

The decline comes as bulls retrace their earlier gains, with levels of price volatility likely to increase in the coming days.

Bitcoin, Ethereum Technical Analysis: BTC Extends Gains, ETH Consolidates Before Consolidation
ETH/USD – Daily Chart

As of writing, prices have rebounded from the previous day’s low, with ETH now trading at $1,751.34.

This comes as sentiment remains bullish following a recent cross between the 10-day (red) and 25-day (blue) moving averages.

Overall, traders’ target still seems to remain at $1,800, which is likely to come if the RSI crosses the current ceiling of 60.00.

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Do you expect market sentiment to turn bearish this week? Leave your thoughts in the comments below.

Ilya Dumbledore

Elliman brings a unique perspective to market analysis, having previously been a brokerage director and retail trade instructor. Currently he works as an analyst in various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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