Bitcoin started the week mostly flat, as market volatility remained near recent lows during today’s session. Traders appear to be on the sidelines ahead of Wednesday’s key inflation report from the United States. Ethereum mostly consolidated on Monday.
Bitcoin
Bitcoin (BTC) continued to hover near the $29,000 level to start the week, as market volatility was mostly muted on Monday.
After Sunday’s low at $28,963.83, BTC/USD jumped to a high of $29,166.82 earlier in today’s session.
The world’s largest cryptocurrency has mostly been trading between a support level of $28,800, and a resistance of $29,500 for the majority of the last week.
Looking at the chart, the relative strength index (RSI) is also tracking near a floor of its own around the 42.00 mark.
In addition to this, the 10-day (red) moving average has begun to flatline following a downtrend, which is a sign of price stagnation.
Consolidation could likely continue until Wednesday’s inflation report in the United States.
Ethereum
Ethereum (ETH) was also largely unchanged on Monday, with price trading near a support level of $1,820.
ETH/USD peaked at $1,842.52 earlier in today’s session, following a move to a bottom at $1,824.12 on Sunday.
The price has since tailed off, with ethereum now trading around the $1,833.08 mark, at the time of writing.
ETH’s lack of movement comes as the RSI has been unable to break out of a ceiling at the 43.00 zone.
Price strength is now at 42.11, with the next visible floor at 41.00, in the event bears capture market momentum.
Should this occur, a move below $1,800 could be the target.
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What is behind this recent spell of market consolidation? Leave your thoughts in the comments below.