BTC Extends Earnings, ETH Consolidates Ahead of Merger – Bitcoin News Market Updates

After climbing to a multi-week high over the weekend, ethereum solidified on Monday as market uncertainty increased ahead of tomorrow’s union. The token, which continues to trade above $ 1,700, fell from its high on Sunday as the bulls likely liquidated their previous positions. Bitcoin remained bullish, rising for the sixth consecutive session.

Bitcoin

Bitcoin (BTC

) rose for a sixth consecutive session earlier in the week as sentiment in the cryptocurrency markets remained mostly bullish.

BTC/ USD rose to a high of $ 22,244.38 at the start of today’s session, less than 24 hours after trading as low as $ 21,493.03.

Today’s rally sees the token now up more than 12% over the past seven days, with some expecting further spikes this week.

Technical analysis of Bitcoin, Ethereum: BTC extends earnings, ETH consolidates ahead of the merger
BTC/ USD – Daily chart

Looking at the chart, the recent bullish momentum has led to price strength moving into overbought territory.

At the time of writing, the 14-day Relative Strength Index (RSI) is currently following at 59.67, and this comes following a recent break of the 55.40 resistance point.

In addition to this, the 10-day moving average (red) is now on the cusp of a cross with its 25-day counterpart (blue), which could signal further price spikes.

Ethereum

Ahead of the start of tomorrow’s union, ethereum (ET) consolidated on Monday as traders prepared for the event.

After Sunday’s peak of $ 1,782.73, ETThe / USD fell to an intraday low of $ 1,721.63 today.

The drop comes as the bulls likely secured earlier gains, in anticipation of a rise in price volatility levels in the coming days.

Technical analysis of Bitcoin, Ethereum: BTC extends earnings, ETH consolidates ahead of the merger
ET/ USD – Daily chart

At the time of writing, prices have rebounded from the previous low of the day, with ET now trading at $ 1,751.34.

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This stems from the fact that sentiment still remains bullish, following a recent cross between the 10-day (red) and 25-day (blue) moving averages.

Overall, it appears that the target for traders still remains $ 1,800, which could come if the RSI breaks out of the current ceiling of 60.00.

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Do you expect market sentiment to turn bearish this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, previously he was a brokerage director and retail educator. Currently, he acts as a commentator in various asset classes, including Crypto, Stocks and FX.




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