Latest Market Movements: BTC Consolidates Near $28,000, as Bank Acquisition Announced


Bitcoin has been trading around the $28,000 mark this Monday, following the news that Silicon Valley Bank is to be acquired. First Citizen Bank has agreed to buy the assets at a discounted rate of $16.5 billion, while Ethereum continues to stay under $1,800.


Bitcoin (BTC) has been trading in the upper $27,000s as the week started, with prices hovering around the $28,000 level.

After a bottom at $27,678.15 recorded on Sunday, BTC/USD moved to a high of $28,178.14 during today’s session.

The move saw bitcoin edge towards a recent resistance point at the $28,300 mark, which was last hit on Friday.

At the moment, BTC has been consolidating on Monday, as the 14-day relative strength index (RSI) collided with a ceiling of 65.00.

As of writing, the index is tracking at the 64.51 level, with the next visible point of support at the 62.00 mark.

If the bulls manage to take price strength below this point, there is a strong possibility that BTC could move below $27,000.


Ethereum (ETH) has been mostly seen consolidating on Monday, as prices moved away from a key price floor in today’s session.

ETH/USD jumped to a peak of $1,797.88 earlier in the day, following a low of $1,748.44 recorded less than 24 hours earlier.

Since hitting a seven-month high of $1,861 last Thursday, the second-largest cryptocurrency has been trading below $1,800.

Overall, ethereum is down 1.19% from the same point last week, with prices mostly moving between a floor of $1,730, and a ceiling at $1,820.

The 10-day (red) moving average has now begun to shift direction, with upwards momentum now fading.

It is expected that prices may stay sideways in the short-term, unless some unexpected news moves the markets.

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Do you think ether will finish the month below $1,800? Share your thoughts in the comments section!

Eliman Dambell

Eliman was a director of a London-based brokerage before, and an online trading educator. At the moment, he is a commentator on various asset classes, including Crypto, Stocks and FX, and a startup founder.

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