Bitcoin’s rise continues! BTC clings to $23,000 support to start the week!

Over the weekend, the world’s largest crypto-currency hit its strongest level since August, with bulls looking to consolidate those gains. Ethereum also traded in the green today, staying above $1,600 in the process.

Bitcoin

Bitcoin continued to trade near a five-month high to start the week, with sentiment in the crypto markets remaining bullish. After a low of $22,387.90 on Sunday, BTC hit an intraday high of $23,056.73 earlier in today’s session.

On Saturday, Bitcoin hit a high of $23,375, which was its strongest point since Aug. 18, and it looks like bulls are hoping to recapture that point.

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To do so, the 14-day Relative Strength Index (RSI) will likely need to move back toward a ceiling at 91.00. Currently, the index is at the 85.26 level, which is already overbought, which could lead some to opt to secure gains and abandon previous positions.

At the time of writing, Bitcoin is trading at $22,876.55, which is slightly higher than Sunday’s peak.

Ethereum

Ethereum also appeared to consolidate weekend gains, with prices remaining above the $1,600 mark. On Monday, Ethereum has so far reached a high of $1,658.02, which is relatively close to Saturday’s four-month high of $1,680.

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Today’s spike comes as the world’s second-largest crypto-currency has bounced back from a low around the $1,610 mark.

Looking at the chart, the bounce came after the failure to break a 75.00 support point on the RSI indicator. At the time of writing, the indicator is tracking at 75.23, with the next visible resistance level at the 80.00 area.

The bulls will likely continue to target a move above $1,700, and for that to happen, the 80.00 mark must first be breached.

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