• Bitcoin (BTC) remained near the $23,000 level, hovering around its strongest level since August.
• Ethereum (ETH) also traded in the green, remaining above $1,600 in the process.
• Bulls are hoping to recapture the $23,375 high, with the 14-day relative strength index (RSI) needing to move back towards a ceiling at 91.00.
Cryptocurrency markets remained bullish on Monday, with Bitcoin (BTC) hovering around the $23,000 level and Ethereum (ETH) remaining above $1,600. Bitcoin continued to be near its strongest level since August, with bulls aiming to recapture the $23,375 high. To achieve this, the 14-day relative strength index (RSI) needs to move back towards a ceiling at 91.00.
BTC/USD has so far risen to an intraday peak of $23,056.73 and is currently trading at $22,876.55. On Saturday, the world’s largest cryptocurrency rose to a high of $23,375, and it appears as though investors are hoping to recapture this point. The 14-day RSI is currently at the overbought 85.26 level, which could lead to some traders opting to secure gains and abandon previous positions.
Meanwhile, Ethereum (ETH) also appeared to be consolidating the weekend’s gains, with prices remaining above the $1,600 mark. On Monday, ETH/USD has so far risen to a peak of $1,658.02, which is relatively close to Saturday’s four-month high at $1,680. Today’s peak came as the world’s second largest cryptocurrency rebounded from a floor around the $1,610 mark.
Looking at the ETH/USD chart, the rebound took place following a failed breakout of a support point of 75.00 on the RSI indicator. As of writing, the indicator is tracking at 75.23, with the next visible resistance at 80.00. As long as Ethereum can remain above $1,600, bulls could look to push prices further up in the coming days.