{"id":15164,"date":"2022-12-05T14:06:23","date_gmt":"2022-12-05T14:06:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btc-races-to-3-week-high-on-monday-market-updates-bitcoin-news\/"},"modified":"2022-12-05T14:06:23","modified_gmt":"2022-12-05T14:06:23","slug":"btc-races-to-3-week-high-on-monday-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btc-races-to-3-week-high-on-monday-market-updates-bitcoin-news\/","title":{"rendered":"BTC Races to 3-Week High on Monday \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bitcoin was trading above $17,000 on Monday, as the world\u2019s largest cryptocurrency raced to a three-week high. Today\u2019s move comes as prices rose for a second straight day, with momentum now firmly bullish. Ethereum was also in the green to start the week, with the coin hovering near the $1,300 mark.<\/strong><\/p>\n

Bitcoin<\/h2>\n

Bitcoin (BTC<\/a>) surged to a three-week high on Monday, as prices climbed for a second straight session.<\/p>\n

Following a low of $16,940.90 on Sunday, BTC<\/a>\/USD moved to an intraday peak of $17,378.15 earlier in today\u2019s session.<\/p>\n

This high is the strongest point that bitcoin has hit since November 11, when price was at a high of $17,645.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n<\/p>\n<\/dt>\n<\/dl>\n<\/div>\n

Looking at the chart, today\u2019s surge comes as the 10-day (red) moving average extended its upwards cross of its 25-day (blue) counterpart.<\/p>\n

In addition to this, the 14-day relative strength index (RSI) has also moved higher, and as of writing is tracking at 50.40, above its ceiling of 50.00.<\/p>\n

Should this upwards momentum continue, it is likely that BTC<\/a> bulls will be targeting a ceiling of $17,700.<\/p>\n

Ethereum<\/h2>\n

In addition to bitcoin, ethereum (ETH<\/a>) was also in the green to start the week, as prices edged closer to $1,300.<\/p>\n

ETH<\/a>\/USD rose to a high of $1,302.24 earlier in today\u2019s session, less than 24 hours after falling to a low of $1,253.16.<\/p>\n

As a result of this, the world\u2019s second largest cryptocurrency has now marginally broken out of a long-term resistance point of $1,300.<\/p>\n

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ETH<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n<\/p>\n<\/dt>\n<\/dl>\n<\/div>\n

Similar to the trend on bitcoin\u2019s chart, ethereum\u2019s moving average (MA) of 10 days (red) continues its upwards ascent versus the 25-day MA.<\/p>\n

The 14-day RSI has also climbed, with the index tracking at 52.87, which is above a ceiling of 52.00.<\/p>\n

Once bulls are finally able to break this current wall, the next target for traders will likely be the $1,350 point.<\/p>\n

Register your email here to get weekly price analysis updates sent to your inbox:<\/em><\/p>\n

What is the highest point you expect ethereum to reach this week? Leave your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

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

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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