Bitcoin, Ethereum Technical Analysis: BTC Climbs Above $30,000 as Balenciaga Greenlights Crypto Payments

May 23, 2022

Bitcoin rallied to above $30,000 to begin the week, as bulls returned to crypto markets on Monday. The information comes because it was introduced that style model Balenciaga is about to simply accept crypto funds. ETH additionally moved increased on the information.

Bitcoin

BTC climbed to its highest level in 4 days earlier in right now’s session, as markets reacted to the information that Balenciaga had determined to start accepting crypto funds.

Following a backside of $29,710.18 on Sunday, BTC/USD surged to a peak of $30,590.59 throughout Monday’s session.

Today’s climb comes as bitcoin continues to maneuver away from its current help at $28,800, following marginal features prior to now few days.

As a results of this mini run of outcomes, BTC is now buying and selling near a resistance level at $30,900, with the RSI additionally at a ceiling of its personal.

Looking on the chart, the 14-day Relative Strength Index is presently monitoring at 40.67, which is near its ceiling at 41.63.

Recent bullish momentum shall be examined as we strategy this stage, with bears more likely to start re-entering the market.

Ethereum

ETH was additionally up over the course of right now’s session, because it as soon as once more rose above $2,000 following a quick drop in worth through the weekend.

So far right now, ETH/USD has risen to an intraday excessive of $2,080.37, following Sunday’s low of $1,993.98.

Similar to BTC, ETH can also be heading in the direction of a resistance stage of its personal, which is close to the $2,100 level.

As costs have risen, so has relative energy, with the 14-day RSI now monitoring at its highest level in simply over three weeks.

The index is presently studying at 39.60, which is its highest level since May 7, and really near hitting a ceiling at 40.5.

Unless we see additional features in worth energy above the present resistance factors, then we’ll seemingly see costs proceed to consolidate to finish this month.

Will we see any vital features in ETH this week? Leave your ideas within the feedback beneath.