Bitcoin, Ethereum Technical Analysis: BTC, ETH Close to 3-Month High to Start the Week – Market Updates Bitcoin News

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Bitcoin and ETH rallied on Sunday evening, as prices approached their highest level in almost three months.

Bitcoin started the week in strong fashion, with prices rising past $47,000 for the first time since the beginning of the year./USD rose to an intraday high of $47,245, as prices rose to their highest point since January 2.

Today’s move took place following the breakout of the $44,950 resistance level during Sunday’s session, with prices now targeting yet another ceiling.Bitcoin bulls will likely be looking towards the $50,000 mark as their next target, however they must first overcome resistance at $48,200. However, looking at the chart, the 14-day RSI indicator is now deeply in overbought territory, tracking at nearly 70, which is its most since October.

This will likely be a huge obstacle for bulls to overcome, as price strength appears to have peaked, with bears possibly waiting for the perfect time to enter the market.

 

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