Following a loss-making start to October, cryptocurrency prices edged higher during Monday’s session. After a short period below $19,000 on Sunday, Bitcoin rose above this point as the US dollar began to weaken against other G7 currencies, while Ethereum was also in the blue, temporarily pushing him above $1,300. exceeded the dollar.
Bitcoin (BTC) traded slightly higher on Monday as cryptocurrency prices reacted to a weaker dollar.
Following last week’s US dollar rally, the currency eased early in the month, bringing back the Bitcoin bull market.
Less than 24 hours after trading at the low end of $18,970.62, BTC/USD climbed to an intraday high of $19,312.48 during today’s session.
Looking at the chart, the token is just above the $19,300 resistance point, which has historically been an area of uncertainty.
At the time of writing, BTC is trading at $19,208.10 and the turbulence has returned somewhat.
Today’s rise coincided with the 14-day Relative Strength Index (RSI) bouncing off a key floor of 43.00. If this rally continues, the price could approach $20,000.
Ethereum (ETH) also shrugged off a red October signal as the token rallied following four consecutive bearish sessions.
After Sunday’s low of $1,271.15, the world’s second largest cryptocurrency raced to a high of $1,308.90 to start the week.
This move has moved ETH/USD towards the recent resistance level of $1,315.This has been largely set since mid-September
Similar to Bitcoin, Ethereum’s 14-day RSI appears to have bounced off the 36.60 support point and is heading towards resistance at 41.50.
If this happens, the token will move towards the cap of $1,385 and possibly over $1,400.
The 10-day moving average (red) also appears to have turned around, which the bulls will see as a positive sign.
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BTC, ETH Gain Slightly As US Dollar Weakens On Monday – Market Update Bitcoin News
Source link BTC, ETH Gain Slightly As US Dollar Weakens On Monday – Market Update Bitcoin News