Cryptocurrency market consolidates, with Bitcoin and Ethereum holding near recent highs. Prices remain steady following Monday’s bullish sentiment, with Bitcoin hovering around $17,400.
Bitcoin
Bitcoin (BTC) held steady near the $17,200 mark throughout the session Tuesday. The coin opened the week with a 3-week high of $17,389.96, and continues to trade in the same range.
At the time of writing, Bitcoin is trading at $17,271.27.
The 14 day Relative Strength Index (RSI) is currently at 60.89 and is above the key resistance level at 60.00. This suggests that uncertainty has increased, leading to investors taking profits.
It is possible that Bitcoin could move past the $17,400 mark in the near future, once the US inflation data is released later in the week.
Ethereum
Ethereum (ETH) failed to breach the $1,350 level during Tuesday’s session. Prices peaked at $1342.14, before dropping to a low of $1317.24.
The market is likely consolidating after yesterday’s surge to a multiweek high, as traders opt to take profits.
