As the market prepared for a major week of U.S. financial data, Bitcoin and Ethereum markets saw continued volatility.
Bitcoin
Bitcoin (BTC) has been fluctuating over the past few days, with a high of $22,497.00 on Sunday and a low of $22,331.31 on Monday. This represents a decline of around 5%, as the world’s largest cryptocurrency has settled near the support point of $22,300.
The 10-day and 25-day moving averages have both decreased, which might signal further drops in price. On the bright side, the 14-day relative strength index (RSI) is above the floor of 42.00.
Ethereum
Ethereum (ETH) has also been volatile, but prices have stayed relatively stable throughout Monday’s session. After peaking at $1574.23, ETH/USD has dropped to a low of $1557.36 and the market cap has declined 5% over the past week.
The 10-day moving average has fallen below the 25-day moving average, with support at $1.560 helping to prevent further losses. The RSI is close to the floor of 44.00, suggesting that ETH may drop below $1,500 by the end of the week.
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Volatility remains high in the Bitcoin and Ethereum markets, as the two coins were unable to break out of their respective ranges to start the week. After a few days of sideways price action, traders will be watching for signs of a breakout in either direction.
Analysts have highlighted key levels for both digital assets, with Bitcoin looking to break through the $57,000 level to continue its rally, while Ethereum is looking to break through its $2,000 resistance level.
In the news, China is reportedly planning a digital yuan pilot program in the city of Chengdu, while the US Treasury Department has called on the G7 to regulate digital currencies. Meanwhile, the US Federal Reserve has started testing a digital dollar prototype.
Overall, the crypto market is still in an uptrend, and traders are looking for the next major move. Be sure to keep an eye on the news and remember to set up your own technical levels for the coins you are trading. Be sure to subscribe to our newsletter to receive weekly price analysis updates directly to your inbox.