BTC, ETH marginally higher as USD weakens on Monday – Market Updates Bitcoin News
After a red start to October, crypto prices moved marginally higher during Monday’s session. After a brief stay below $19,000 on Sunday, bitcoin rallied back above this point as the US dollar began to weaken against other G7 currencies. Ethereum was also in the green, briefly moving above $1,300.
Bitcoin
Bitcoin (BTC) traded marginally higher on Monday as crypto prices responded to a weaker US dollar.
After last week’s rally in the USD, the currency eased to start the month, giving way to the return of bitcoin bulls.
BTC/USD rose to an intraday high of $19,312.48 in today’s session, less than 24 hours after trading with a floor of $18,970.62.
Looking at the chart, the move saw the token marginally rise above the resistance point at the $19,300 level, which has historically been an area of uncertainty.
At the time of writing, the turbulence has returned somewhat, with BTC trading at $19,208.10.
Today’s rally also coincided with the 14-day relative strength index (RSI) bouncing off a key floor of 43.00. Should this rally continue, we could see prices move closer to $20,000.
Ethereum
Ethereum (ETH) also shook off signs of a red October, as the token rebounded after four consecutive bearish sessions.
After a low of $1,271.15 on Sunday, the world’s second largest cryptocurrency rallied to a high of $1,308.90 to start the week.
The move saw ETH/USD move towards its recent resistance level of $1,315, which has largely been in place since mid-September
As with bitcoin, ethereum’s 14-day RSI has bounced off a support point at 36.60, and appears headed for resistance at 41.50
Should this happen, we will likely see the token move towards a higher ceiling of $1,385, before potentially climbing back above $1,400.
The 10-day (red) moving average also appears to have changed course, which bulls are likely to see as a positive sign.
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