Cryptocurrency Markets Show Steady Growth at Start of the Week

Bitcoin (BTC) traded close to its five-month peak to begin the week, with bullish sentiment in the crypto markets remaining strong. BTC/USD reached an intraday record of $23,056.73 on Sunday, while on Saturday it managed to hit a level not seen since August 18, 2005. Bulls are now hoping to recover this point, with the 14-day RSI needing to reach a maximum of 91.00. As of the time of writing, BTC trades at $22,876.55.

Ethereum (ETH) also appeared to be consolidating gains from the weekend, with prices staying above the $1600 mark. On Monday the ETH/USD exchange rate reached a record high of $1658.02, just shy of the previous record on Saturday. This spike saw the second largest cryptocurrency in the world rally from $1610 at the floor to become the most popular. The chart shows that the bounce occurred after a failed breakout at 75.00 on the RSI. The indicator is currently at 75.23, and the ETH bulls will likely continue to aim for a move above $1700, but it must first break the 80.00 mark in order to achieve this.