Following a strong weekend, bitcoin’s surge continued to start the week, as Tesla announced close to $2 billion worth of holdings in BTC. Overall, crypto markets were around 3% higher on Monday.
Bitcoin
Bitcoin, which has been consolidating for most of the past week, edged closer to a three-week high today, climbing as high as 3% at the time of writing.
BTC/USD rose to an intraday high above $43,500.00 during Monday’s session, as markets reacted to the news that Tesla currently holds $1.9 billion in bitcoin.
The move came as bitcoin edged above its $42,060 resistance level for the first time since Jan. 21.
As of writing, the RSI also climbed to a high point, tracking above its long-term ceiling of 60, which it last hit in mid-November.
Monday’s move also led to a crossover of the 10-day (red) and 25-day (blue) moving averages, which many long-term bulls have been waiting for.
Bulls may take this as a sign to add more upward pressure to prices, with some targeting $45,000 as the next point of profit taking.
Ethereum
ETH was also trailing multi-week highs on Monday as bulls continue to pour into the world’s second-largest cryptocurrency.
As of writing, ETH/USD climbed to a high of $3,111.16 today, after trading at $2,965.43 less than 24-hours ago.
Overall, Ethereum is up over 20% in the past week as its 14-RSI broke above two key resistance levels during this time frame.
The first break came after a break above 44 on February 3, followed by Saturday’s surge above the 55 ceiling.
These moves created a shift in the 10- and 25-day moving averages, which, like BTC, are set for a crossover.
