Bitcoin started the week trading near a five-month high, as prices consolidated the weekend’s gains. Prices rose close to $24,000 on Sunday, following a breakout of a key resistance level. Ethereum fell back below $1,600 on Monday, after moving to a one-week high during yesterday’s session.

Bitcoin

Bitcoin (BTC) remained near a five-month high on Monday, following a strong rally towards $24,000 over the weekend.

Following a high of $23,919.89 on Sunday, BTC/USD fell to a low of $23,166.83 to start the week.

Sunday’s surge saw BTC bulls push prices to their strongest point since August 26, however these same traders have already begun to retreat.

Looking at the chart, the decline commenced following a failed breakout of a ceiling at 85.00 on the 14-day relative strength index (RSI).

As of writing, the index is now tracking at 72.19, with a floor at 65.00 the only current visible target for bears.

Should this zone be hit, it is highly likely that BTC will be trading close to a support point at $22,500.

Ethereum

Ethereum (ETH) also edged lower to start the week, as sentiment shifted following a breakout of the $1,600 level

ETH/USD slipped to a bottom of $1,582.18 earlier in the day, as bulls were unable to sustain Sunday’s high at $1,653.73.

Yesterday’s peak saw the world’s second largest cryptocurrency climb to its strongest point in one week, however traders used this as an ideal moment to secure recent gains.

The move saw ethereum marginally break out above a ceiling at $1,650, however bearish sentiment around this mark has reigned supreme over the last three months.

A breakout below a floor of 60.00 on the RSI also contributed to the decline, with the index now tracking at 58.40.

In the event today’s decline continues in the coming days, it is possible that ETH could be heading towards a floor at $1,550.

Register your email here to get weekly price analysis updates sent to your inbox:

Will sentiment in cryptocurrencies be bullish or bearish this week? Leave your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day.

Bitcoin

Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data.

Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.

This came as bitcoin was once again unable to break out of a key resistance level at $23,500, leading to a resurgence of bearish sentiment.

In addition to this, the 14-day relative strength index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00

Should momentum continue in a downward direction, it is likely that BTC will collide with a floor at $22,400.

Currently, the index is tracking at 78.59, with BTC/USD trading at $22,930.60.

Ethereum

After a brief stint moving back above $1,600 late on Friday, ethereum (ETH) started the weekend once again below this level.

ETH/USD dropped to a bottom of $1,568.69 on Saturday, less than a day after hitting a peak of $1,617.00.

Volatility in ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week.

Following weeks of being overbought, price strength has begun to decline, with the 14-day RSI now tracking below its floor at 63.00

As of writing, the index is at a reading of 62.50, with ethereum at $1,582, with a floor at $1,550 a possible target for sellers.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect cryptocurrency prices to fall further this weekend? Leave your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.