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Bitcoin continued to hover around the $23,000 level on January 23 as bullish sentiment remained high in the markets. Over the weekend, the world’s largest cryptocurrency hit its highest level since August as bulls move to shore up those gains. Ethereum also traded in the green today, staying above $1,600 in the process.

Bitcoin

bitcoin (BTC) continued to trade near a five-month high to start the week as sentiment in crypto markets remained bullish.

After a low of $22,387.90 on Sunday, BTC/USD hit an intraday high of $23,056.73 earlier in today’s session.

The Saturday, BTC hit a high of $23,375, which was its strongest point since Aug. 18, and it looks like the bulls are hoping to retake that point.

BTC/USD – Daily Chart

To achieve this, the 14-day Relative Strength Index (RSI) will likely need to retrace towards a high at 91.00.

Currently, the index is at the 85.26 level, which is already overbought, and this could lead some to opt to secure gains and exit previous positions.

At the time of writing, BTC is trading at $22,876.55, which is slightly above Sunday’s peak.

Ethereum

Ethereum (ETH) also appeared to consolidate gains from the weekend, with prices remaining above the $1,600 mark.

Monday, ETH/USD has so far hit a high of $1,658.02, which is relatively close to Saturday’s four-month high of $1,680.

Today’s spike comes as the world’s second largest cryptocurrency rebounded from a low around the $1,610 mark.

ETH/USD – Daily Chart

Looking at the chart, the rebound took place after a failed break from a support point of 75.00 on the RSI indicator.

At the time of writing, the indicator stands at 75.23, with the next level of resistance visible at the 80.00 area.

ETH bulls will likely still be targeting a move above $1,700, and for that to happen, the 80.00 mark must first be breached.

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Could Ethereum surge above $1,700 this week, despite overbought prices? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage manager and online trading educator. Currently, he acts as a commentator in various asset classes including Crypto, Stocks, and FX, while also being a founder of a startup.




Image credits: Shutterstock, Pixabay, Wiki Commons

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