Bitcoin
The world’s largest cryptocurrency rebounded from its support level to start the week, however it still remained below $40,000.
Following a low of $37,680.73 on Sunday, BTC/USD has so far risen to an intraday high of $39,234.62 on Monday.
Today’s high comes as markets failed to break out of the floor of $37,600, which was held, as price strength also found a floor.
BTC/USD – Daily Chart
As of writing, the 14-day RSI is under its own resistance point of 47, following a failed break of the 43.61 support.
This level was the lowest the RSI has tracked since March 8, and has historically been a point at which bulls begin to pressure bears.
However, until we see a true breakout of the current ceiling of 47, BTC will likely continue to consolidate between $37,600 and $39,500.
Ethereum
The consolidation of ETH was even more evident to start the week, as prices marginally slipped below recent support.
ETH/USD hit an intraday low of $2,503.89 during today’s session, as bears momentarily broke past the $2,550 support level.
Although prices have since risen to a high of $2,604.03 today, the recent market pressure has seen ETH consolidate in the form of lower lows.
ETH/USD – Daily Chart
This slight descending trend could be a sign of either a bear trap, where prices give the sentiment of a falling market prior to a significant rebound, or the beginning of further drops in price.
We will likely continue to see this uncertainty extend, up until a huge shift in market sentiment finally arises.
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